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XRP Price: Major Support Forms at $2.20 Following Sharp Correction
The recent price action of XRP has resulted in a sharp correction, with the cryptocurrency’s value plummeting from its previous highs near $3.00 to its current position around $2.20. The sudden downturn has led to the formation of major support at this level.
Following the rejection of the $3.00 resistance mark, XRP experienced a swift reversal, dropping over 20% in a matter of hours. This decline has led to a breakdown below key support at $2.40 and the 100-hourly Simple Moving Average (SMA). The asset’s current price action is characterized by active trading volume, with participants from both sides engaging in buying and selling.
In terms of technical analysis, the XRP/USD pair has displayed a clear bearish bias on its hourly chart. The MACD (Moving Average Convergence Divergence) indicator is now trending upward in the bearish zone, suggesting an increase in bearish momentum. Meanwhile, the Relative Strength Index (RSI) has dipped below the 50 level, indicating weakening bullish force.
From a short-term perspective, XRP faces resistance at multiple levels between its current price and recent high near $3.00. This congestion area could potentially result in a consolidation phase or even a reversal if buyers regain control of the market momentum.
Source: https://blockonomi.com/xrp-price-major-support-forms-at-2-20-following-sharp-correction/
