XRP Price Drops 10% After Failing to Break $2.20 Resistance

XRP price started a fresh decline below the $2.080 zone after failing to clear the $2.20 resistance zone. The price is now trading below $2.120 and the 100-hourly Simple Moving Average, indicating a bearish trend. There is a connecting bearish trend line forming with resistance at $2.10 on the hourly chart of the XRP/USD pair. The price might extend losses if it fails to clear the $2.150 resistance zone.

XRP price failed to continue higher above the $2.20 resistance zone and reacted to the downside, similar to Bitcoin and Ethereum. The price declined below the $2.150 and $2.10 levels, even dropping below the $2.050 zone. A low was formed at $2.023, and the price is now attempting a recovery wave. There was a move above the $2.050 level, and the price cleared the 23.6% Fib retracement level of the recent decline from the $2.215 swing high to the $2.023 low.

The price is now trading below $2.120 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.10 level. The trend line is near the 50% Fib retracement level of the recent decline from the $2.215 swing high to the $2.023 low. The first major resistance is near the $2.150 level. The next resistance is $2.1680. A clear move above the $2.1680 resistance might send the price toward the $2.20 resistance. Any more gains might send the price toward the $2.220 resistance or even $2.250 in the near term. The next major hurdle for the bulls might be $2.2880.

If XRP fails to clear the $2.120 resistance zone, it could start another decline. Initial support on the downside is near the $2.050 level. 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 $1.880 zone.

Technical indicators show 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 $2.050 and $2.020, while major resistance levels are at $2.120 and $2.150.

XRP bulls are fighting back after a recent decline, but the price faces significant resistance levels. If the price can clear the $2.150 resistance zone, it could potentially move toward the $2.20 resistance and even higher. However, if the price fails to clear this resistance, it could start another decline, with major support levels at $2.050 and $2.020. Technical indicators suggest a bearish trend, but the RSI is above the 50 level, indicating some bullish momentum. The next major hurdle for the bulls is at $2.2880, and a clear move above this level could send the price even higher. However, if the price fails to clear this resistance, it could continue to decline toward the $1.880 support zone.