XRP Plunges Below Key Support, Eyes Lower Price Targets Amidst Bearish Sentiment
XRP has entered a new phase of decline, dropping significantly below the $2.150 mark and now trading under $2.120. This downturn follows a failure to sustain recovery efforts, with the cryptocurrency breaking crucial technical support levels, signaling potential further losses for investors. The recent price action saw XRP struggle to recover above $2.150, mirroring the broader market's bearish sentiment seen in other major cryptocurrencies like Bitcoin and Ethereum. A significant bearish signal was the breach of a key bullish trend line with support at $2.180 on the hourly charts. Furthermore, the price dipped below the 50% Fibonacci retracement level of a recent upward move, from a low of $1.817 to a high of $2.286, reinforcing the downward momentum. Key Price Levels and Outlook Currently, XRP is battling strong resistance levels. The $2.10 and $2.120 levels pose immediate hurdles for any upward movement. Should XRP manage to close above $2.10, it could potentially test $2.120, with subsequent resistance at $2.150, $2.20, $2.250, and potentially $2.320. However, the prevailing technical indicators paint a gloomy picture: the Hourly MACD is accelerating its pace in the bearish zone, and the Hourly RSI is firmly below the 50 level, indicating strong selling pressure. On the downside, if XRP fails to clear the $2.10 resistance, it could trigger a fresh wave of declines. Initial support is anticipated near the $2.00 level, which aligns with the 61.8% Fibonacci retracement. A break below this would expose the next major support at $1.9250. Sustained trading below $1.9250 could see XRP fall further towards $1.850 and $1.820, with a potential slide to $1.80 if the bearish trend intensifies. Investors should exercise caution as the market structure suggests a continuation of the downtrend if crucial support levels are not defended.
