XRP's price has initiated a fresh downward trend from the $2.350 zone. The current trajectory shows further decline, with potential to drop below $2.30, signaling deeper losses.
Key Developments:
- XRP price breached the $2.30 support level.
- Trading below $2.35 and the 100-hour Simple Moving Average (SMA).
- A bearish trendline forms on the XRP/USD hourly chart (Kraken data), with resistance near $2.305.
- Recovery possible only if $2.350 resistance is decisively broken.
XRP Price Faces Renewed Selling Pressure
After finding temporary support at $2.265, XRP mirrored Bitcoin and Ethereum’s brief rally, surpassing resistances at $2.30 and $2.32. The price tested the 23.6% Fibonacci retracement level (from $2.4767 high to $2.2670 low) but encountered strong sell pressure near $2.35.
Current Market Dynamics:
Resistance Levels:
- Immediate hurdle at $2.305 (trendline resistance).
- Major resistance zones at $2.340 and $2.372 (50% Fibonacci level).
Bullish Scenario:
- A breakout above $2.370 could propel prices toward $2.40–$2.45, with $2.50 as the next target.
Bearish Indicators:
- Failure to hold $2.372 may trigger another leg down.
- Critical supports at $2.280 and $2.265. A close below $2.265 risks a slide to $2.235 or even $2.20.
Technical Outlook
- MACD: Accelerating in bearish territory.
- RSI: Below 50, reflecting weak momentum.
- Key Supports: $2.265 and $2.235.
- Key Resistances: $2.372 and $2.420.
FAQs
Q: Why is XRP price falling?
A: Broader crypto market weakness and failure to hold key support levels have intensified selling pressure.
Q: What’s the next critical level for XRP?
A: The $2.265 support is pivotal. Losing this could lead to a test of $2.20.
Q: Can XRP recover soon?
A: A clear break above $2.372 is needed to reverse the downtrend.
Q: Where can I trade XRP securely?
👉 Trade XRP on a trusted exchange
Disclaimer: This analysis is for informational purposes only. Cryptocurrency investments are volatile; conduct independent research before trading.