XRP extended its decline, dropping below $2.080. It is now attempting to recover but faces resistance near $2.120. The price fell below the $2.10 support and is currently trading under both that level and the 100-hour Simple Moving Average. A key bearish trend line is forming with resistance at $2.080 on the hourly XRP/USD chart.
After failing to hold above $2.150, XRP followed Bitcoin and Ethereum lower, breaking below $2.120 and $2.10. It briefly spiked under $2.050, hitting a low of $2.034 before consolidating. An attempt to reclaim $2.10 was met with selling pressure.
For any recovery, the price must first overcome resistance at the trend line near $2.080. The first major resistance is at $2.120, which aligns with the 23.6% Fibonacci retracement level of the drop from the $2.415 high to the $2.034 low. A sustained move above $2.120 could push the price toward $2.20. Further resistance lies at $2.220 (the 50% Fib level), followed by $2.280 and $2.320. The next significant hurdle for buyers is near $2.350.
If XRP fails to break above the $2.10 resistance, it could resume its decline. Initial support is near $2.020, with major support at $2.00. A close below $2.00 might lead to further losses toward $1.950. The next key support levels are $1.920 and then $1.880.
Technical Indicators:
– Hourly MACD: Gaining momentum in bearish territory.
– Hourly RSI: Below 50, indicating bearish momentum.
– Major Support Levels: $2.020 and $2.00.
– Major Resistance Levels: $2.10 and $2.120.
Frequently Asked Questions
Of course Here is a list of FAQs about XRPs accelerating price decline designed to be helpful for both beginners and more experienced observers
Beginner General Questions
1 Why is XRPs price dropping so fast right now
Several factors are combining including a general downturn in the overall cryptocurrency market negative sentiment across the sector and potentially increased selling pressure from large holders or concerns specific to Ripples ongoing legal situation
2 What does accelerating decline or risk of a steeper fall mean
It means the price isnt just going down slowly its dropping at a faster rate each day This momentum can scare more investors into selling which can create a selfreinforcing cycle that leads to an even sharper dropa steeper fall
3 Is this just a normal dip or is it different
While cryptocurrencies are famously volatile an accelerating decline suggests stronger selling pressure than a typical pullback It indicates the market sentiment is currently very negative which can lead to larger losses than a standard dip
4 Should I buy more XRP now since its on sale
This is a personal investment decision we cannot make for you While some see lower prices as a buying opportunity catching a falling knife is risky The price could continue to fall significantly Never invest money you cannot afford to lose
5 Is XRP going to zero
While the current decline is severe most analysts do not believe a major asset like XRP will go to zero due to Ripples substantial company holdings existing banking partnerships and utility However its price can still fall dramatically from current levels
Intermediate CauseFocused Questions
6 Is the SEC lawsuit against Ripple causing this drop
The lawsuit creates longterm uncertainty which weighs on the price While there was a positive ruling for Ripple in July 2023 the case is not fully over and any negative developments or appeals can hurt investor confidence contributing to selling
7 Are large investors dumping their XRP
Onchain data often shows increased movement of large XRP holdings to exchanges during price declines which typically signals selling This whale activity can be a major driver of an accelerating drop as it floods the market with supply