XRP, a prominent cryptocurrency, is currently navigating a period of significant downward pressure, with recent market analyses highlighting a challenging path ahead. Following a notable daily decline, traders and investors are closely watching for potential further drops as bearish sentiment appears to dominate across multiple timeframes.
Short-Term Price Trajectory
On the hourly chart, XRP's price is approaching a critical local support level at $2.2428. If the current selling momentum persists, a breach of this key support could lead to a further descent, potentially pushing XRP into the $2.23-$2.24 range. Expanding to the daily timeframe, the current trading bar is anticipated to close bearishly. This development suggests that a continued decline could see XRP testing the $2.10-$2.20 range within the next week, indicating sustained pressure.
Mid-Term Market Outlook
The bearish sentiment extends beyond immediate movements, firmly establishing control for sellers in the midterm. Should the weekly trading bar conclude around its current price levels, market watchers could observe XRP testing the significant $2 zone by the end of the month. This broader perspective suggests that the cryptocurrency may face an extended period of consolidation or further decline if current market conditions prevail.
