XRP Price Correction: Is a Further Decline Imminent?
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XRP price has recently retreated from its highs around $2.320, raising concerns about the sustainability of its rally. The price is currently consolidating below key support levels, trading below $2.220 and the 100-hourly Simple Moving Average. A crucial bullish trend line with support at $2.20 has been broken on the hourly chart. This downward movement follows a similar pattern observed in Bitcoin and Ethereum. The price dipped below the $2.250 and $2.220 support levels, even spiking below $2.150 before finding a low at $2.148. This low is currently below the 23.6% Fib retracement level of the recent price swing. Technical indicators also suggest bearish momentum. The hourly MACD is losing pace in the bearish zone, and the RSI is below 50, indicating weak momentum. Key support levels are at $2.150 and $2.120, while resistance levels lie at $2.220 and $2.2850. If the price fails to reclaim the $2.220 resistance, a further decline could ensue, with potential support levels at $2.120, $2.050, and $2.020. Conversely, a decisive break above $2.2380 could signal a renewed upward trend, potentially pushing the price towards $2.2850, $2.30, and even $2.320. However, significant resistance remains at $2.40. The overall situation presents a mixed outlook, with the possibility of further price correction depending on whether key resistance levels are breached.
(Source: https://www.newsbtc.com/analysis/xrp/xrp-price-retreats-from-highs-2-20/)
