XRP Price Slides as Bears Dominate, Key Support Levels Under Scrutiny
XRP has recently experienced a notable decline, retreating from its earlier highs above $2.550. The cryptocurrency now exhibits bearish indicators, suggesting potential further losses if it fails to maintain crucial support levels. Traders and investors are closely monitoring the market as XRP navigates a critical juncture, with bears actively testing its underlying strength.
Recent Price Movement and Current Trends
The XRP price initiated a fresh decline after attempting to gain ground above the $2.50 mark, mirroring trends seen in Bitcoin and Ethereum. This downward movement pushed XRP below the $2.450 and $2.420 zones, leading to a break beneath the $2.320 pivot level. A recent low was established at $2.2754, and the price is currently consolidating losses, showing a bearish angle. Notably, XRP is now trading below $2.40 and its 100-hourly Simple Moving Average. An hourly chart reveals a short-term contracting triangle forming with resistance around $2.235, indicating that any upward momentum might quickly meet selling pressure.
Technical Outlook and Critical Levels
Current technical indicators paint a bearish picture. The Hourly MACD for XRP/USD is gaining momentum in the bearish zone, while the Hourly RSI remains below the 50 level, signaling prevailing selling pressure. On the upside, immediate resistance lies near $2.40. A successful breach of this level could see the price test $2.450 or the 76.4% Fib retracement level from the recent high of $2.525 to the low of $2.2754. Further gains would target $2.520, with a major hurdle for bulls at $2.650. Conversely, if XRP fails to clear the $2.40 resistance, it could trigger a renewed decline. Initial downside support is found near $2.280, followed by the significant $2.250 level. A decisive break below $2.250 could lead to further depreciation towards $2.20 and potentially $2.120, with extended losses possibly reaching $2.050. Investors should exercise caution and conduct their own research given the volatile nature of the cryptocurrency market.
