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>>XRP's price is falling sharply, sparking concerns about a significant downturn.

XRP's price is falling sharply, sparking concerns about a significant downturn.

crypthub

about 16 hours ago

Recent XRP Price Action

XRP's price has recently experienced a decline, falling below the $2.850 mark and the 100-hourly Simple Moving Average. The price tested the $2.770 zone and has struggled to maintain gains above $2.950, mirroring similar patterns seen in Bitcoin and Ethereum. A bearish trend line is present with resistance near $2.8350, suggesting further downward pressure. The price is currently approaching the 23.6% Fibonacci retracement level.

Potential Resistance and Support Levels

Resistance levels are present around $2.90 and $2.920, which could hinder upward momentum. If an upward move occurs, resistance is anticipated near $2.8350, potentially limiting further gains. A clear move above $2.880 could drive the price towards $2.950, but further hurdles exist. Major support levels are located at $2.780 and $2.750.

Downward Trend and Technical Indicators

Failure to surpass the $2.920 resistance zone could trigger a fresh decline, potentially extending towards $2.720 and even $2.650. The hourly MACD is accelerating in the bearish zone, and the hourly RSI is below the 50 level. Further downside breaks could lead to a decline towards the $2.60 level.