The price of XRP has failed to continue the previous upward momentum and has not broken through the $2.40 resistance area, now having fallen more than 10%. The current price has broken below the $2.30 support area and may further dip to the $2.00 support level.
The price of XRP is undergoing a downward correction, breaking through key support levels.
XRP has begun a downward correction from the $2.50 resistance area, with the price breaking below $2.30 and the 100-hour simple moving average (SMA). In addition, the hourly chart of XRP/USD shows a connecting bearish trend line, with resistance roughly at $2.26.
Currently, the price of XRP has failed to break through $2.30 and continues to hover below $2.20. As the price breaks below the $2.20 support, XRP further dips to a low of $1.989. Subsequently, the price shows a slight rebound and breaks through the $2.20 level, testing the 23.6% Fibonacci retracement level.
Analysis of Upward Resistance and Support Areas
If XRP can break through the $2.30 resistance level, the price may regain upward momentum, further challenging the resistance levels of $2.35, $2.40, or even $2.42. In the case of continued increases, $2.55 will be the next major resistance area for bulls.
However, if XRP fails to break through the $2.25 resistance area, it may fall back again. The initial support level is around $2.05, while a more significant support level is at $2.00. If the price breaks below $2.00 and closes beneath it, it may further decline to the $1.88 support area and eventually test the $1.75 region.
Technical Indicators
MACD: The hourly MACD indicator is accelerating in the bearish zone, showing further downward pressure.
RSI: The Relative Strength Index (RSI) of XRP is currently below 50, indicating weak market sentiment, with sellers in control. Public. Sticky. Good: Six Six Says Coin (Weekly Monday to Saturday Bitcoin and Ethereum early review strategy analysis, long-term recommendations for quality individual coins and live analysis)
Conclusion
XRP is currently facing multiple key support and resistance levels. If it breaks through $2.30, it may resume the upward trend and test higher resistance; however, if it fails to break through this area, the price may continue to fall back, even dipping to $2.00 or lower.
