XRP has entered a bearish phase, dropping below critical support levels at $2.50 and $2.25. The cryptocurrency is now attempting to recover from the $2.05 support zone.
Trading activity shows XRP has fallen below both the $2.40 threshold and the 100-hourly Simple Moving Average. Technical analysis reveals a bearish trend line forming with resistance at $2.45 on the XRP/USD hourly chart, based on Kraken data.
Analysts suggest the downward momentum could persist without a decisive close above the $2.45 resistance level. The recent decline follows earlier failed attempts to sustain movement above the $2.62 resistance zone.
XRP's downward trajectory mirrors similar patterns seen in Bitcoin and Ethereum. The cryptocurrency broke below multiple support levels at $2.55 and $2.50 before dipping under $2.20, confirming entry into bearish territory. A recent low was established at $2.0639.
"The price is now attempting to recover," noted market observers tracking the Fibonacci retracement levels. XRP has moved above the 23.6% Fibonacci retracement level of the downward wave from the $2.604 swing high to the $2.206 low. Immediate resistance appears near $2.33.
The first major resistance stands at $2.40, coinciding with the 61.8% Fibonacci retracement level of the recent downward movement. Additional resistance levels are forming at $2.45, where the bearish trend line presents a significant hurdle. Clearing this threshold could potentially push XRP toward $2.50, with further upside targets at $2.55 and $2.565. The critical ceiling for bulls remains at $2.62.
Should XRP fail to overcome the $2.45 resistance zone, another decline appears likely. Support on the downside exists near $2.23 with stronger support at $2.20. Breaking below this level could accelerate the decline toward $2.12, with the next major support positioned at $2.05.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.