XRP price failed to continue breaking through $2.35 and fell. The price dropped over 5% and showed bearish signs below $2.20.
XRP price starts to decline again, breaking below the support level of $2.250.
The current price is below $2.25 and the 100-hour simple moving average.
On the hourly chart for XRP/USD, it has broken below the key descending channel support at $2.235 (data source: Kraken).
If the currency pair maintains above the support level of $2.120, it may begin a new round of increases.
XRP price drops again
XRP price failed to break through the resistance at $2.35 and began a new round of decline, just like Bitcoin and Ethereum. The price sharply fell below the support levels of $2.30 and $2.50.
Additionally, on the hourly chart for XRP/USD, the currency pair has broken below the key descending channel, with support at $2.235. The currency pair has dropped over 5%, even testing the $2.120 area. The low was formed at $2.126, and the current price is consolidating the decline.
It corrected some losses and climbed above $2.15. It tested the 23.6% Fibonacci retracement from the recent high of $2.348 to the low of $2.126. The current price is below $2.25 and the 100-hour simple moving average.
On the upside, the price may face resistance near $2.18. The first major resistance level is around $2.20. The next resistance level is $2.24, which is the 50% Fibonacci retracement from the recent high of $2.348 to the low of $2.126. If the price breaks clearly above the resistance at $2.24, it may drop towards the resistance at $2.30.
Further increases could push the price down towards the resistance level of $2.320 in the short term, even $2.350. The next major hurdle for bulls may be $2.450.
Lose more?
If XRP fails to break through the resistance area at $2.24, it may drop again. The initial support on the downside is around $2.12. The next major support is near $2.10.
If a downward breakout occurs and closes below $2.10, the price may continue to fall to the support level of $2.050. The next major support level is near the $2.00 area.
Technical indicators:
Hourly MACD - The MACD for XRP/USD is currently accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) - The RSI for XRP/USD is now below the 50 level.
Major support levels - $2.120 and $2.100.
Major resistance levels - $2.180 and $2.240.
