XRP has experienced a significant decline in price, falling below the $2.40 mark after reaching a peak near $2.50. This downward trend aligns with the broader market correction affecting cryptocurrencies like Bitcoin and Ethereum.
The current trading levels for XRP are below $2.30, and it is positioned below the 100-hourly Simple Moving Average, indicating a bearish sentiment among traders. Technical analysis suggests that XRP may struggle to regain upward momentum unless it can break through the $2.32 resistance level. Support levels are anticipated near $2.00.
The recent price action for XRP has seen a decline after failing to establish an increase above the $2.50 resistance zone. Resistance levels are now established at $2.250 and $2.30, with potential targets at $2.350 and $2.40 if these levels are breached. However, if XRP fails to overcome the $2.250 resistance zone, it may initiate another decline, with support levels at $2.050 and $2.00.
Technical indicators suggest a bearish sentiment, with the hourly MACD in the bearish zone and the RSI below 50. XRP's performance is influenced by both technical factors and external market conditions, and traders should monitor support and resistance levels closely. The interplay between market sentiment and technical indicators will shape XRP's future price movements.