XRP Under Pressure: Is More Downside Ahead?

XRP is currently navigating a precarious bearish landscape, with its price struggling to hold above critical support levels. Having declined significantly, the digital asset finds itself in a challenging position, raising questions about potential further losses for its investors.

XRP's Retreat from Key Levels

The XRP price has consistently remained within a bearish zone, failing to close above the $3.120 mark and subsequently extending its losses below the crucial $3.00 support. This downturn has seen XRP trade beneath both the $3.020 and $3.00 levels, as well as the 100-hourly Simple Moving Average. A notable bearish trend line is also forming on the hourly chart, indicating strong resistance around the $3.00 psychological barrier. After testing the $2.850 support zone, XRP is now attempting to consolidate its recent losses, albeit below the 23.6% Fibonacci retracement level of the downward move from its $3.095 swing high to the $2.850 low.

Outlook: Resistance and Support Levels

Looking ahead, immediate upside resistance for XRP is anticipated near the $2.90 level, with the first major hurdle at $2.920. A decisive break and close above this $2.920 resistance could potentially propel the price towards the $3.00 mark, which aligns with the 50% Fibonacci retracement level of the current bearish trend. However, if XRP fails to breach the $2.920 resistance, it risks initiating a fresh wave of declines. Key downside support levels to watch include the $2.850 zone, followed by $2.80. A sustained break below the $2.80 level could intensify the selling pressure, leading to further depreciation towards $2.740, and possibly even the $2.720 zone, signaling a more significant correction. Technical indicators, such as the Hourly MACD for XRP/USD, are currently showing bearish momentum, while the Hourly Relative Strength Index (RSI) remains below the 50 level, reinforcing the prevailing bearish sentiment.