XRP News Today: XRP Drops 5% Below $2.480, Bears Target $2.320 Support

XRP price has recently experienced a downward correction, falling below the $2.480 zone. The cryptocurrency is currently consolidating and may extend its losses below the $2.320 support zone. The price has been trading below $2.480 and the 100-hourly Simple Moving Average, indicating a bearish trend. A connecting bullish trend line is forming with support at $2.3550 on the hourly chart of the XRP/USD pair, which could potentially halt the decline if the price stays above the $2.350 support level.

XRP price attempted a fresh increase above the $2.350 zone, similar to Bitcoin and Ethereum. However, the bears were active near the $2.450 zone, forming a high at $2.4495. The price then dropped below the $2.40 support level and dipped below the 50% Fib retracement level of the upward move from the $2.299 swing low to the $2.449 high. The bulls are now active near the $2.350 support, which is also close to the 61.8% Fib retracement level of the same upward move.

The price is now trading below $2.40 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.40 level, with the first major resistance near the $2.450 level. If the price can clear the $2.450 resistance zone, it could potentially move toward the $2.50 resistance, and further gains might send the price toward the $2.60 resistance or even $2.650 in the near term. The next major hurdle for the bulls might be $2.80.

If XRP fails to clear the $2.450 resistance zone, it could start another decline. Initial support on the downside is near the $2.3550 level, with the next major support near the $2.320 level. If there is a downside break and a close below the $2.320 level, the price might continue to decline toward the $2.20 support, with the next major support sitting near the $2.120 zone.

Technical indicators suggest a bearish trend for XRP. The MACD for XRP/USD is now gaining pace in the bearish zone, while the RSI for XRP/USD is now below the 50 level. Major support levels are at $2.350 and $2.320, while major resistance levels are at $2.40 and $2.450. The current trend suggests that XRP price may struggle to hold ground, with a potential breakdown or breather in the near future.