XRP Price Alert: Will $2.00 Hold? Crucial Support Tested
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XRP is facing a critical test as its price drops toward the $2.00 support level. After failing to break above $2.22, XRP, mirroring Bitcoin and Ethereum's movements, initiated a decline, breaking below key support at $2.192. This drop saw the price touch the $2.050 zone before consolidating. Technical indicators paint a bearish picture, with the hourly MACD gaining momentum in bearish territory and the RSI dipping below 50, suggesting further downward pressure. Currently trading below the 100-hourly Simple Moving Average and the 23.6% Fibonacci retracement level of the recent downward swing, the immediate support levels lie at $2.050 and $2.020. A breach below $2.020 could trigger a more significant decline towards $2.00 and potentially even $1.92. Conversely, if bulls can successfully defend the $2.150 resistance zone, XRP might recover. Clearing the $2.1750 resistance, which aligns with the 50% Fibonacci retracement level, could propel the price towards $2.20 and potentially higher. The path of least resistance appears downward unless the $2.150 resistance is decisively broken, highlighting the importance of this crucial support level for XRP's short-term trajectory. Traders should monitor these key levels and the technical indicators closely to gauge the potential for further price movements. The market’s overall sentiment and any external factors could also significantly impact the short-term price action.
(Source: https://www.newsbtc.com/analysis/xrp/xrp-price-drops-toward-2-00/)
