XRP declined below $2.30 on Monday as sellers maintained control of the cryptocurrency's intraday price structure. The digital asset fell from $2.350 and now trades beneath its 100-hourly simple moving average, with technical indicators suggesting further losses could materialize if the price breaks below $2.150.
What to Know:
- XRP attempted a recovery above $2.320 but failed, leading to a fresh decline that pushed the price to a low of $2.155 before consolidating.
- The cryptocurrency now faces immediate resistance at $2.2550, marked by a short-term bearish trend line, with major resistance levels at $2.30 and $2.350.
- A break below the $2.150 support level could trigger additional losses toward $2.050 and potentially $2.020, while clearing $2.350 resistance might send XRP toward $2.440.
Market Position Weakens Below Key Technical Levels
XRP's latest decline followed a failed attempt to sustain gains above $2.320, mirroring similar weakness in Bitcoin and Ethereum. The cryptocurrency dropped through multiple support zones, including $2.30 and $2.250, before breaking the $2.20 pivot level.
The price reached its session low at $2.155 and has since consolidated with minimal upward momentum.
A minor bounce carried XRP above the 23.6% Fibonacci retracement level of its recent decline from the $2.525 swing high, but the recovery proved short-lived.
The cryptocurrency remains trapped below its 100-hourly simple moving average.
Any fresh attempt to move higher faces resistance near $2.2550, where a short-term bearish trend line has formed on the hourly chart. The first major resistance sits at $2.30. A breakthrough at that level could push XRP toward $2.350, which represents the 50% Fibonacci retracement of the decline from $2.525 to $2.155.
Should buyers manage to clear $2.350, the next target would be $2.440, followed by $2.50. The most significant hurdle for bulls appears near $2.550.
Technical Outlook Points to Downside Risk
Failure to overcome the $2.350 resistance zone could trigger another leg lower. Initial support on the downside sits at $2.20. The next major support level stands at $2.150.
A decisive break and close below $2.150 would open the door to further declines toward $2.050. The subsequent support zone lies at $2.020. Should that level fail, XRP could extend losses toward $1.880.
Technical indicators reinforce the bearish outlook.
The hourly MACD is gaining momentum in bearish territory. The relative strength index has fallen below the neutral 50 level, signaling weakening buying pressure.
The 100-hourly simple moving average, a technical indicator that smooths price data to identify trends by calculating the average closing price over the past 100 hours, now acts as resistance above the current price. Fibonacci retracement levels, which traders use to identify potential reversal points based on key percentages of a prior move, suggest limited upside potential without a decisive break above $2.350.
Closing Thoughts
XRP faces continued downward pressure as technical indicators align bearishly and the price struggles to reclaim key levels. The cryptocurrency must break above $2.350 to shift momentum, while a drop below $2.150 could accelerate losses toward $2.020.
