XRP News Today: XRP Price Drops 7% Below $2.450 Zone

XRP price has recently experienced a decline, falling below the $2.450 zone. The price is currently trading above $2.350 and the 100-hourly Simple Moving Average, indicating a potential recovery. However, there is a connecting bearish trend line forming with resistance at $2.40 on the hourly chart of the XRP/USD pair, suggesting that the price may face hurdles near this level.

XRP price attempted a fresh decline below the $2.450 zone, unlike Bitcoin and Ethereum. There was a move below the $2.40 and $2.350 levels. The price even tested the $2.2850 zone. A low was formed at $2.2848 and the price is now attempting to recover. There was a move above the $2.32 and $2.350 levels. The price surpassed the 50% Fib retracement level of the downward move from the $2.449 swing high to the $2.848 high.

However, the price now faces hurdles near the $2.40 level. The first major resistance is near the $2.420 level. It is near the 76.4% Fib retracement level of the downward move from the $2.449 swing high to the $2.848 high. The next resistance is $2.50. A clear move above the $2.50 resistance might send the price toward the $2.60 resistance. Any more gains might send the price toward the $2.650 resistance or even $2.680 in the near term. The next major hurdle for the bulls might be $2.80.

If XRP fails to clear the $2.420 resistance zone, it could start another decline. Initial support on the downside is near the $2.350 level. The next major support is 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. The next major support sits near the $2.120 zone.

Technical indicators suggest that the MACD for XRP/USD is now losing pace in the bearish zone, while the RSI for XRP/USD is now above the 50 level. Major support levels are at $2.350 and $2.320, while major resistance levels are at $2.40 and $2.420.

In summary, while XRP price is showing signs of recovery, technical indicators suggest that upsides may be limited. The price faces significant resistance at $2.40 and $2.420, and a failure to clear these levels could lead to another decline. Support levels are at $2.350 and $2.320, with further support at $2.20 and $2.120. Technical indicators such as the MACD and RSI provide additional insight into the potential direction of the price.