XRP Price Drops: Will It Recover?

XRP has experienced a significant decline, falling below the $3.00 mark. The price dropped by 25%, dipping below the $2.00 support level. After breaking through key support levels at $2.80 and $2.50, XRP continued its slide. Currently, the price is under $2.60 and below the 100-hour SMA. On the hourly XRP/USD chart, a negative trend line is forming with resistance around $2.45. If XRP can break the $2.50 barrier, it could see a potential recovery.

XRP’s Recovery Efforts

Like Bitcoin and Ethereum, XRP dropped below $3.00, falling sharply through the $2.80 and $2.50 support levels, with bears pushing it below $2.00. After a 25% drop, the price tested as low as $1.75. However, it has since started to recover, rising back above $2.00. XRP broke the 23.6% Fib retracement level from the $3.155 swing high to the $1.75 low.

Despite being below $2.750 and the 100-hour SMA, resistance around $2.30 and $2.40 could pose challenges. The first major resistance is near $2.40, followed by $2.45, where the 50% Fib retracement level aligns. If XRP breaks above $2.45, it may push the price to $2.50, and further gains could lead to $2.65 or even $2.72. The ultimate challenge for bulls is regaining $3.00.

Could XRP Drop Again?

If XRP fails to break through $2.40, it might experience further declines. Immediate downside support is around $2.10, with $2.00 being a crucial level. A drop below $2.00 could push XRP toward $1.85, with the next key support near $1.75.

Technical Indicators

The hourly MACD for XRP/USD is showing bearish movement. The Relative Strength Index (RSI) for XRP/USD is also below 50, indicating further downside potential.

Major Support Levels: $2.10, $2.00

Major Resistance Levels: $2.40, $2.50

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