XRP News Today: XRP Drops 5% After Failed Momentum Above $2.150

XRP, the cryptocurrency associated with Ripple, has recently experienced a downward correction, starting from the $2.220 zone. The price is currently consolidating and may decline further towards the $2.020 support level. This correction comes after XRP attempted to gain momentum above the $2.150 zone, similar to other major cryptocurrencies like Bitcoin and Ethereum. The price spiked above the $2.20 and $2.220 levels but failed to sustain the gains, forming a high at $2.2294 before correcting.

The price has dipped below the $2.20 and $2.15 levels, and there was a break below a bullish trend line with support at $2.150 on the hourly chart of the XRP/USD pair. The price is now trading below $2.180 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.150 level, with the first major resistance near the $2.20 level. The next resistance is at $2.220, and a clear move above this level might send the price toward the $2.320 resistance. Further gains could push the price toward the $2.40 resistance or even $2.450 in the near term, with the next major hurdle for the bulls being $2.50.

If XRP fails to clear the $2.20 resistance zone, it could start another decline. Initial support on the downside is near the $2.070 level or the 50% Fib retracement level of the upward move from the $1.910 swing low to the $2.2294 high. The next major support is near the $2.020 level. If there is a downside break and a close below the $2.020 level, the price might continue to decline toward the $2.00 support. The next major support sits near the $1.920 zone.

Technical indicators suggest that 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 $2.070 and $2.020, while major resistance levels are at $2.20 and $2.220. The current price action indicates that XRP is under pressure, and its ability to maintain a bullish structure remains uncertain. The price is consolidating, and further declines could be on the horizon if support levels are not held.