XRP Price Falters Below Key Support Level, Eyes Lower Price Targets

XRP price has begun a new decline, dropping beneath the $2.150 mark. The asset is currently facing challenges and encountering resistance near the $2.10 pivot point.

Key Takeaways

XRP's price has fallen below the $2.150 threshold.
Currently trading under $2.120 and beneath the 100-hour Simple Moving Average.
The asset has breached a significant bullish trend line that had support at $2.180.
If the price settles underneath $2.00, it may continue to decline.

XRP Price Recovery Stalls

Current XRP Price Trends

XRP attempted to rally past the $2.150 mark but could not maintain that momentum, much like Bitcoin and Ethereum. Since then, the price has dipped below both $2.120 and $2.10.

This decline has also seen XRP move beneath the 50% Fibonacci retracement level from a previous surge that started at a low of $1.817 and peaked at $2.286. Moreover, the breach of a solid bullish trend line at the $2.180 mark on the hourly XRP/USD chart has raised concerns.

XRP Price Chart
Source: XRPUSD on TradingView.com

Currently, XRP is trading below the $2.10 mark and the 100-hour Simple Moving Average. Should an upward movement occur, the price might encounter resistance around the $2.080 level. The critical resistance begins at $2.10—with a close above this level potentially pushing the price up to $2.120. The next significant barrier is at $2.150, and if that resistance is surpassed, XRP could aim for $2.20. Continued gains might lead to a target of $2.250, while a significant challenge for bullish traders lies around $2.320.

Potential for Further Declines

Failure to overcome the $2.10 resistance could set the stage for additional declines. The initial support level on the downside is close to $2.00, coinciding with the 61.8% Fibonacci retracement of the recent upward movement from $1.817 to $2.286. A more substantial support level falls around $1.9250.

If XRP dips below and closes under the $1.9250 mark, it could face further declines, possibly dropping to $1.850. The next significant support level would appear near the $1.820 range, and breaching that could lead the price down towards $1.80.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is gaining traction in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI is currently positioned below the 50 level.

Key Support Levels: $2.00 and $1.9250.
Key Resistance Levels: $2.10 and $2.120.