XRP news today: XRP Price Drops 5% to $2.132, Faces Resistance at $2.20
1min read XRP price has experienced a downward correction from the $2.25 zone, currently consolidating and facing resistance near the $2.20 level. The price has declined below the $2.220 and $2.20 support levels, testing the $2.1320 zone and forming a low at $2.132. The price is now consolidating losses near the 23.6% Fib retracement level of the downward move from the $2.2579 swing high to the $2.1320 low. A new connecting bearish trend line is forming with resistance near $2.1950 on the hourly chart of the XRP/USD pair.
The price is currently trading below $2.20 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.1780 level. The first major resistance is near the $2.20 level and the 50% Fib retracement level of the downward move from the $2.2579 swing high to the $2.1320 low. The next resistance is $2.220. A clear move above the $2.220 resistance might send the price toward the $2.250 resistance. Any more gains might send the price toward the $2.320 resistance or even $2.350 in the near term. The next major hurdle for the bulls might be $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 $2.1380 level. The next major support is near the $2.1320 level. If there is a downside break and a close below the $2.1320 level, the price might continue to decline toward the $2.080 support. The next major support sits near the $2.050 zone.
Technical indicators show 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 $2.1320 and $2.080, while major resistance levels are at $2.20 and $2.250.
According to the analyst's forecast, the price might start another increase if there is a close above the $2.20 resistance. However, if XRP fails to clear the $2.20 resistance zone, it could start another decline. The next major hurdle for the bulls might be $2.50, while the next major support sits near the $2.050 zone. The technical indicators suggest a bearish momentum, with the MACD gaining pace in the bearish zone and the RSI below the 50 level.
