XRP has started a fresh decline from the $2.55 zone, showing bearish momentum and signaling potential further losses if key support levels fail to hold.

Current Price Action

The cryptocurrency broke below the $2.450 mark and is now trading under $2.40, dipping beneath the 100-hourly Simple Moving Average (SMA). On the hourly chart (Kraken data), a short-term contracting triangle is forming with resistance near $2.235.

Recent lows were seen at $2.2754, with XRP consolidating losses below the 23.6% Fibonacci retracement of the previous swing from $2.525 to $2.2754.

Resistance Levels

XRP faces immediate resistance at $2.40. Clearing this could pave the way for a retest of $2.450 or even $2.520. A sustained bullish move might target higher levels around $2.580, with the next significant hurdle near $2.650.

Support Levels and Potential Downside

On the downside, $2.280 serves as initial support, followed by a key level at $2.250. A break and close below $2.250 could push XRP toward $2.20, with further losses possibly extending to $2.120 and $2.050.

Technical Indicators

• Hourly MACD: Gaining momentum in the bearish zone, signaling downward pressure.
• Hourly RSI: Below the 50 level, reflecting weakening buying strength.

Summary

XRP remains under bearish pressure and could continue its decline if it fails to reclaim the $2.40 resistance. Traders should monitor $2.250 and $2.20 as critical support levels to gauge the next market move.