XRP price has experienced a significant decline below the $3.00 zone, with a decrease of over 25% and a sudden drop below the $2.00 support level. The price started a fresh decline below key levels such as $2.80 and $2.50, and is currently trading below $2.60 with the 100-hourly Simple Moving Average.
On the hourly chart of the XRP/USD pair, a connecting bearish trend line is forming with resistance at $2.45. The pair may see a potential recovery if it manages to clear the $2.50 resistance zone. However, the price faces multiple hurdles on the upside, with resistance levels at $2.30, $2.40, and $2.45. A break above the $2.45 resistance could pave the way for further gains towards $2.50, $2.650, and even $2.720, with the ultimate goal being $3.00.
In the event that XRP fails to surpass the $2.40 resistance, another decline could be on the horizon. Initial support levels are located at $2.10 and $2.00, with further downside potential towards $1.850 and $1.750 if the price continues to fall.
Technical indicators such as the MACD and RSI suggest a bearish momentum for XRP/USD, with the RSI below the 50 level. Major support and resistance levels to watch out for include $2.10, $2.00, $2.40, and $2.50.
Overall, the XRP price movement is closely monitored as it navigates through key resistance and support levels, offering potential opportunities for traders and investors in the cryptocurrency market.