XRP Price Dips Again Below the $2.480 Zone, Might Extend Losses Below the $2.320 Support

XRP price started a downside correction below the $2.480 zone. The price is now consolidating and might extend losses below the $2.320 support zone.

In a busy Friday morning trade, cryptocurrency XRP is struggling to stay afloat as sellers maintain a slight edge. Despite a valiant effort by buyers to push XRP above the $2.350 zone, like its larger counterparts Bitcoin and Ethereum, the bears had other plans.

As the price approached the $2.450 resistance zone, selling pressure mounted, halting the cryptocurrency's ascent. A high was reached at $2.4495 before the bears took charge, pushing the price back down.

The cryptocurrency dipped below the $2.40 support level, reaching the 50% Fib retracement level of the upward move from the $2.299 swing low to the $2.449 high. However, around the $2.350 support, buyers stepped in.

Moreover, a connecting bullish trend line, providing support at $2.3550 on the hourly chart of the XRP/USD pair, is closely observed. This trend line coincides with the 61.8% Fib retracement level of the upward move from the $2.299 swing low to the $2.449 high.

Now, as the cryptocurrency trades below the $2.40 mark and the 100-hourly Simple Moving Average, the next resistance is anticipated at the $2.40 level. A substantial barrier awaits at the $2.450 zone.

If XRP manages to break above the $2.40 resistance and maintains the momentum, the next significant resistance is at $2.50. A decisive push above the $2.50 resistance could propel the cryptocurrency toward the $2.60 resistance.

Further gains might send XRP soaring to the $2.650 resistance or even $2.680 in the short term. The next major hurdle for the bulls is envisioned at the $2.80 level.

If XRP fails to overcome the $2.450 resistance zone, it could set the stage for another leg down. In this scenario, initial support is at the $2.3550 level, followed by a deeper support zone at the $2.320 mark.

If the bears succeed in breaking and closing below the $2.320 level, the cryptocurrency might continue its descent toward the $2.20 support. Afterward, the next major support is anticipated at the $2.120 zone.