XRP Price Stalled After Failing to Break Above the $2.20 Resistance Zone

XRP's price recently faced a sharp decline after failing to break above the $2.20 resistance zone. The cryptocurrency is now consolidating below the $2.150 mark

The recent price action of XRP has been marked by a failure to break above the $2.20 zone, leading to a sharp decline. As the cryptocurrency continues to consolidate, it faces potential hurdles at the $2.120 resistance level.

Key Levels to Watch:

- Resistance: $2.120, $2.150, $2.20

- Support: $2.10, $2.0650, $2.00

Technical Indicators:

- The RSI is currently in oversold territory, suggesting that the bearish momentum may be exhausting.

- XRP is trading below the 50-hour moving average, indicating bearish pressure.

Market Catalysts:

- Bitcoin and Ethereum's price movements will likely influence XRP's trajectory.

- Recent on-chain data shows mixed trends, with some whales accumulating XRP while others are exiting positions around the $2.20 resistance zone.

- Any news regarding Ripple's legal battles with the SEC or regulatory updates on cryptocurrencies in general could significantly impact XRP's price.

Possible Price Scenarios:

- Bullish: If XRP manages to clear the $2.120-$2.150 resistance and sustain above it, it could retest the $2.20 zone. A breakout above this level would open the door for gains toward $2.240, $2.2650, and potentially $2.320.

- Bearish: If XRP fails to break above $2.120 and $2.150, it could continue its downward journey toward $2.0650. A breakdown below this level might accelerate selling pressure, leading to a retest of the $2.00 support.

Conclusion:

XRP is currently facing strong resistance at the $2.120 and $2.20 levels. If the bulls can push the price above these zones, we could see a substantial uptrend. However, if the bears manage to break the $2.10 support, we might witness further declines.

It will be interesting to observe how Bitcoin price develops, especially in relation to the $40,000 zone, as it could provide valuable clues about the next major move for XRP. Additionally, any regulatory news or updates from the SEC could significantly impact the cryptocurrency market and, consequently, XRP's price.