XRP Under Pressure: Bearish Signals Intensify as Price Slides Below Key Levels

XRP has recently faced significant bearish pressure, failing to maintain crucial support levels and signaling a potential continuation of its downward trend. After failing to clear the $1.950 resistance, the cryptocurrency initiated a fresh decline, now struggling to hold above the $1.850 mark amidst a market correction.

Current Price Action and Key Support Levels

The recent downturn saw XRP's price dip below the $1.9350, $1.90, and $1.880 thresholds, entering a bearish zone. This slide also pushed the price below the 50% Fibonacci retracement level of the upward move from $1.770 to $1.9578. Currently, XRP is trading beneath the $1.880 mark and the 100-hourly Simple Moving Average. A notable bearish trend line is forming with resistance near $1.870 on the hourly chart of the XRP/USD pair, further solidifying the prevailing negative sentiment. Initial downside support is identified near $1.8420, corresponding with the 61.8% Fibonacci retracement level.

Resistance and Potential Downside Risks

For any meaningful recovery, XRP needs to decisively break above the $1.90 resistance level. Overcoming this hurdle could pave the way for a test of the $1.950 resistance, and potentially an advance towards the $2.00 and $2.050 marks. However, if XRP fails to clear the $1.90 resistance, a fresh decline could ensue. The next major support lies near $1.80. A sustained break and close below this level could trigger a further drop towards $1.770, with subsequent support levels at $1.750 and potentially $1.720. Technical indicators reinforce this bearish outlook, with the hourly MACD gaining pace in the bearish zone and the Hourly Relative Strength Index (RSI) currently hovering below the 50 level. The immediate future for XRP appears to be a battle between maintaining existing support and overcoming significant resistance to avoid deeper corrections.