XRP Faces Bearish Pressure as Upside Gains Are Trimmed
XRP's recent attempts to surge past the $2.320 mark have faltered, leading to a retraction of earlier gains. The cryptocurrency is currently navigating a challenging phase, struggling against key resistance levels and showing signs of a short-term bearish trend, with significant market support being closely watched by traders.
Retreat from Key Levels
The XRP price initiated a fresh decline after failing to maintain momentum above $2.35, pushing it into a short-term bearish zone. This downward movement saw the price fall below both the $2.320 and $2.250 levels, along with the 100-hourly Simple Moving Average. A critical development was the break below a crucial bullish trend line, which had offered support around $2.245 on the hourly XRP/USD chart. Following this, XRP established a new low at $2.141 and continues to exhibit bearish indicators below the 23.6% Fibonacci retracement level of its recent upward move.
Resistance and Support Outlook
Should XRP attempt an upward correction, it faces immediate resistance near the $2.20 level, followed by the significant $2.250 zone. A decisive close above $2.250 could potentially propel the price towards $2.30, and further attempts could target $2.320, $2.350, and eventually the $2.40 resistance. However, if XRP fails to overcome the $2.250 resistance, it risks further declines. Initial downside support lies around $2.150, with a more substantial support level at $2.120. A breach and close below $2.120 could extend losses towards $2.050, potentially pushing the price to the $2.00 psychological mark, and even as low as $1.880 in a severe downturn. Technical indicators, including the Hourly MACD for XRP/USD, are currently gaining bearish momentum, while the Hourly RSI remains below the 50 level, reinforcing the prevailing bearish sentiment.
