XRP Price Plummets Below Key Support Levels, Bearish Trend Line Forms

XRP price has recently experienced a decline, falling below key support levels at $2.450 and $2.350. The price is currently consolidating losses and remains vulnerable to further declines. Key levels to watch include the $2.3350 resistance zone, which could signal a potential reversal if breached.

XRP's price failed to recover above the $2.50 resistance zone, instead initiating a fresh decline. The price fell below the $2.35 and $2.250 support levels, even dipping below the $2.20 support to enter a bearish zone. A low was formed at $2.0639, and the price attempted a recovery wave, spiking above the 50% Fib retracement level of the downward wave from the $2.604 swing high to the $2.206 low. However, bears remained active at $2.350, and a key bearish trend line is forming with resistance at $2.250 on the hourly chart of the XRP/USD pair.

The price is now trading below $2.30 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.250 level. The first major resistance is near the $2.3250 level, followed by $2.40 or the 61.8% Fib retracement level of the downward wave from the $2.604 swing high to the $2.206 low. A clear move above the $2.40 resistance might send the price toward the $2.50 resistance, with potential further gains toward the $2.550 resistance or even $2.5650 in the near term. The next major hurdle for the bulls might be $2.620.

If XRP fails to clear the $2.250 resistance zone, it could start another decline. Initial support on the downside is near the $2.1480 level, followed by the next major support at $2.120. If there is a downside break and a close below the $2.120 level, the price might continue to decline toward the $2.050 support. The next major support sits near the