XRP Drops 7%: More Trouble Ahead?

After rising beyond $2.35, XRP fell. Bearish indications are below $2.20 as the price is down over 5%.

XRP fell below $2.250 again.

The price is below $2.25 and the 100-hour SMA.

XRP/USD broke below a crucial descending channel with support around $2.235 on the hourly chart (Kraken).
If it remains over $2.120, the pair may rise again.
XRP Falls Again

Like Bitcoin and Ethereum, XRP missed $2.35 barrier and fell. A significant drop below $2.30 and $2.50 support occurred.

Additionally, the hourly XRP/USD chart broke below a crucial descending channel with support around $2.235. The pair fell almost 5% and tested $2.120. The price is consolidating losses after a $2.126 low.

It recovered and topped $2.15. It challenged the 23.6% Fib retracement of the latest fall from $2.348 swing high to $2.126 low. The price is below $2.25 and the 100-hour SMA.

Price may find resistance at $2.18 on the upside. Near $2.20 is the first substantial resistance. Next barrier is $2.24, the 50% Fib retracement of the latest slide from the $2.348 swing high to the $2.126 low. A clean break over $2.24 might push the market near $2.30.

More advances might push the price toward $2.320 or $2.350. The bulls may face $2.450 next.

More Losses?
XRP may fall again if it fails to break $2.24. Around $2.12 is first downward support. Near $2.10 is the next important support.

If the price breaks down and closes below $2.10, it may fall below $2.050. Near $2.00 is the next important support.

Tech Indicators

The hourly MACD for XRP/USD is moving bearishly.

Relative Strength Index hourly XRP/USD RSI is below 50.

Major Support Levels: $2.120, $2.100.

Two major resistance levels: $2.180 and $2.240.

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