XRP extended its decline, dropping below $2.10. The price is now consolidating and could fall further if it breaks below $2.020.
After failing to hold above $2.150, XRP began a fresh drop, moving below $2.120 and $2.10 into bearish territory. It even briefly spiked under $2.080, forming a low near $2.052. The price attempted to recover past $2.080 and the 23.6% Fibonacci retracement level of the recent decline from $2.193 to $2.052, but selling pressure persisted.
A key bearish trend line is forming with resistance around $2.0850 on the hourly XRP/USD chart. The price remains below $2.10 and the 100-hourly Simple Moving Average. Any upward move could face resistance near $2.0850 and the trend line. The first major resistance is near $2.120, which aligns with the 50% Fibonacci retracement level of the recent drop. A close above $2.120 could push the price toward $2.1395, with further hurdles at $2.20, $2.250, $2.320, and $2.350.
If XRP fails to break above the $2.120 resistance, it could resume its decline. Initial support lies near $2.050, followed by a major level at $2.020. A break and close below $2.020 might lead to further losses toward $1.950, with additional support near $1.920 and potentially $1.880.
Technical Indicators:
– Hourly MACD: Gaining momentum in bearish territory.
– Hourly RSI: Below the 50 level.
– Major Support Levels: $2.050 and $2.020.
– Major Resistance Levels: $2.0850 and $2.120.
Frequently Asked Questions
FAQs XRPs Recent Price Pullback Key Support Levels
BeginnerLevel Questions
1 What does it mean that XRP has given back most of its recent gains
It means the price of XRP rose for a period but has since fallen erasing most of that increase Its like climbing a hill and then sliding back down most of the way
2 What is a support level in cryptocurrency trading
A support level is a price point where an asset has historically stopped falling and bounced back up Its seen as a floor where buying interest tends to increase
3 Why is XRPs price dropping
Prices drop for many reasons including broader market downturns profittaking by traders after a rally negative news or a general decrease in buying pressure compared to selling pressure
4 Is this a bad time to buy XRP
Theres no definitive answer Some investors see pullbacks as buying opportunities at lower prices while others wait for the price to stabilize It depends on your strategy and risk tolerance
5 Where can I check XRPs current price and support levels
You can use major cryptocurrency tracking websites and exchanges like CoinMarketCap CoinGecko or TradingView These platforms show live prices and charting tools to identify support levels
Intermediate Advanced Questions
6 Which specific support level is now in focus for XRP
While levels can change traders often watch the 050 052 zone This area has acted as strong support and resistance in the past A break below could shift focus to lower supports near 046
7 What happens if XRP breaks below the key support level
If it breaks and sustains below that level on significant trading volume it often signals further downside The price may then seek the next lower support level potentially leading to a steeper decline
8 Could this just be a normal market correction
Yes absolutely After a strong rally a pullback of 2030 is a common and healthy market correction It doesnt necessarily mean the bullish trend is over
9 What technical indicators should I watch alongside support levels
Key indicators include