XRP Grapples with Bearish Momentum, Key Support Under Threat
XRP is once again facing significant downward pressure, with its price displaying clear bearish signals below the critical $2.950 resistance. The cryptocurrency is struggling to initiate a recovery, hinting at potential further declines if it fails to hold current support levels. This latest slump positions XRP in a precarious state, echoing the struggles seen in other major cryptocurrencies like Bitcoin and Ethereum.
XRP's Precarious Position
Following a close below the $3.00 mark, XRP entered a distinctly bearish zone, extending its losses to trade significantly below the $2.920 support. The price momentarily dipped below $2.850, eventually testing the crucial $2.820 support level. While a brief recovery attempt saw the price move above $2.90 and even climb past the 50% Fib retracement level of its recent downtrend (from $3.095 to $2.820), bears remain active. Crucially, the $3.00 zone and the 61.8% Fib retracement level are proving to be strong resistance points. Currently, XRP is trading beneath $2.920 and the 100-hourly Simple Moving Average, with a bearish trend line forming near $2.910 on the hourly chart. Should bulls manage to push past the $2.950 resistance, the price could target $3.00 and potentially $3.120, with $3.20 as the next major hurdle.
Potential for Further Downside
The immediate future for XRP looks challenging. If the cryptocurrency fails to decisively clear the $2.90 resistance zone, a fresh wave of declines could ensue. Initial downside support is anticipated around the $2.820 level. A more significant breach, particularly if the price closes below $2.80, could accelerate the decline towards the $2.7650 support. Beyond this, the $2.750 zone stands as the next major support, and a fall below it could amplify bearish momentum, indicating a more severe price correction.
Technical Snapshot
- Hourly MACD: Currently gaining pace within the bearish zone, signaling weakening bullish sentiment.
- Hourly RSI: Trading below the 50 level, indicating that the asset is oversold or experiencing strong selling pressure.
- Major Support Levels: $2.820 and $2.7650.
- Major Resistance Levels: $2.90 and $2.950.
