XRP Price Pulls Back: Market Monitors Support Levels Closely

XRP price has struggled to maintain upward momentum, dropping below $2.320 and now facing challenges at the $2.20 mark.

Key Takeaways

XRP price began a new decline after failing to surpass the resistance at $2.320.
The current trading price stands below $2.250, as well as the 100-hourly Simple Moving Average.
A critical bullish trend line has been breached with support at $2.245 on the XRP/USD hourly chart (data sourced from Kraken).
If XRP settles below $2.150, a further decline is likely.

XRP Price Pulls Back

XRP Price Pulls Back

After initially attempting to rise above $2.35, the XRP price could not sustain the upward trend, resulting in a new downward movement. Similar to Bitcoin and Ethereum, XRP fell through the $2.320 and $2.250 levels, entering a short-term bearish phase.

The price broke below a significant bullish trend line, with support at $2.245 on the hourly chart for the XRP/USD pair. It even dipped below $2.150, reaching a low of $2.141. Currently, the price indicates bearish behavior, lying beneath the 23.6% Fibonacci retracement level from the recent drop, which ranged from the $2.416 swing high to the $2.141 low.

Currently, XRP is trading below $2.250 and the 100-hourly Simple Moving Average. If a new upward trend emerges, it may encounter resistance close to the $2.20 mark, while the first significant resistance to watch for is around the $2.250 level. A close above $2.250 could propel the price towards $2.30.

XRP Price Chart
Source: XRPUSD on TradingView.com

The next barrier to overcome is at $2.320 and aligns with the 61.8% Fibonacci retracement level of the recent downturn from $2.416 to $2.141. Should XRP clearly surpass the $2.320 resistance, it may move toward the $2.350 resistance level, and additional gains could push the price to $2.40. The next significant challenge for bullish movements will likely be near the $2.450 mark.

Potential for Further Declines?

If XRP is unable to breach the $2.250 resistance zone, a new downward trend could begin. The first support on the downside is close to the $2.150 level, with the next major support positioned at approximately $2.120.

Should there be a decline and a close below $2.120, the price could continue to drop towards $2.050. Below this level, the critical support could be found around $2.00, and a further drop might take the price down towards $1.880.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is currently increasing in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is presently below the 50 level.
Major Support Levels: $2.120 and $2.050.
Major Resistance Levels: $2.20 and $2.250.