XRP Price Declines Below $2.120, Bears Eye $2 Support

Xrp is experiencing fresh downward momentum, breaking below key support levels, with analysts closely watching the price action as it consolidates near the $2.00 zone.

XRP price is encountering fresh downward momentum as it falls below key support levels, placing the crypto in the spotlight for analysts.

The cryptocurrency has been struggling to maintain upward traction, forming lower highs and lows, which could pave the way for additional losses.

However, despite the bearish bias, XRP is still holding above the $2.00 zone, a level that bears will be closely watching as it could decide the direction for the next move.

XRP Price Down As Market Suffers Setbacks

XRP price broke down from the $2.150 zone, confirming bearish market structure on the 4-hour chart. The cryptocurrency fell below the 100-hour Simple Moving Average, indicating weak momentum in the short term.

Now, the cryptocurrency is pivoting at the $2.00 level. If the bears can push below this zone, it could open the door for more losses.

A close below the $2.00 support zone would likely bring the next support levels into view. The first is at $1.90, followed by $1.834. However, if buyers manage to intervene above $2.00, the next resistance is at $2.10.

Bearish Trend Line In Sight

On the hourly chart of the XRP/USD pair, a bearish trend line is forming, with resistance at $2.10. This trend line could pose an obstacle for XRP as it attempts to rise.

Breaking above this trend line could be difficult, and any move to the upside may be met with resistance at $2.10. This level coincides with the 50% Fibonacci retracement level of the downward move from the $2.184 swing high to the $2.036 low.

As long as XRP remains below $2.10, it may continue to struggle, and further downside appears likely unless there is a significant rally to clear this level.

More Downside Possible

A failure to reclaim the $2.10 zone and a breakdown below the $2.00 support could bring about a deeper correction in the short term.

At least in the intermediate term, a drop below $2.00 could bring the next support levels into focus. Otherwise, traders may be interested in any reversal or further consolidation in the crypto.