XRP Faces Resistance and Potential Downtrend After Key Support Breach

The XRP price experienced a new downturn below the $2.050 mark, continuing a decline from previously higher levels. It is now attempting to recover some losses but faces significant resistance near $2.050. The current trading is below both $2.020 and the 100-hour Simple Moving Average, with a bearish trend line also forming resistance at around $2.020. For a bullish reversal, XRP needs to close above the $2.050 resistance zone. The recent dip was triggered after a failure to maintain support above $2.120, with the price falling below key supports at $2.050 and $2.020, and testing lows close to $1.910. Although a minor recovery occurred, the overall technical indicators suggest continued bearish momentum, with the MACD losing pace in the bearish zone and RSI below 50. Resistance levels are identified at $2.050, $2.080, and possibly extending to $2.120 or $2.150, while support levels reside at $1.950, $1.920, and potentially $1.880. Failing to break resistance at $2.050 could trigger further declines, aligning with the current bearish technical signals.