TLDR
- XRP price started a downside correction after forming a short-term top near $2.550 and dropped below the $2.50 support level.
- A bearish trend line has formed on the hourly chart with resistance at $2.580 that limits upside recovery attempts.
- XRP price currently trades below the 100-hourly Simple Moving Average and faces initial resistance near $2.480.
- The first major resistance barrier stands at $2.50 and breaking above could push the price toward $2.550.
- Initial support on the downside appears near $2.410 while the next major support zone sits at $2.380.
XRP price started a downside correction after forming a top near $2.550. The digital asset dropped below key support levels at $2.520 and $2.50. XRP price now trades under pressure as bears maintain control below the $2.60 resistance zone.
XRP Price Faces Resistance Below $2.60
The downward move pushed the XRP price below the 50% Fibonacci retracement level. This level was measured from the $2.377 swing low to the $2.552 high. The asset briefly spiked below $2.42 but held above the $2.40 support zone.
A bearish trend line has formed on the hourly chart with resistance at $2.580. XRP price currently trades below the 100-hourly Simple Moving Average. The asset struggles to gain momentum for a meaningful recovery attempt.
Key Resistance Levels Limit Upside Potential
Initial resistance appears near $2.480 if buyers attempt a recovery. The first significant barrier stands at $2.50 for any upward movement. Breaking above this level could pave the way for the $2.550 resistance.
A clear move above $2.550 might push the XRP price toward $2.580. This level aligns with the bearish trendline resistance. Further gains could target the $ 2.65 zone for an extended recovery.
The next major hurdle for bulls sits near $2.720 resistance. However, XRP price must first clear multiple resistance barriers. The current structure favors sellers unless buyers reclaim lost ground.
Downside Risks Remain Active
Failure to break $2.580 could trigger another decline for the XRP. Initial support on the downside sits near $2.410. This level aligns with the 76.4% Fib retracement of the recent upward wave.
The next central support zone appears at $2.380. A breakdown below this level could accelerate selling pressure. XRP price targets $2.320 if bears maintain control.
Extended losses could push the asset toward the $2.250 support level. A break below this zone might open the path to $2.20. The technical structure suggests limited upside unless the resistance levels are broken.
The XRP price remains under pressure, trading below the $2.60 resistance zone. Bears control the near-term outlook as the asset trades below moving averages. Buyers need to reclaim $2.580 to shift the current bearish momentum.
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