XRP Price Plunges: Bearish Trend Takes Hold, Further Decline Anticipated
XRP has entered a significant bearish phase, extending its losses and trading below the critical $1.880 mark. Despite a brief recovery attempt, the cryptocurrency is consolidating at lower levels, facing strong selling pressure that could push its value down even further.
Bearish Momentum Confirmed
The XRP price initiated a fresh decline after failing to hold above the $1.950 resistance, mirroring drops seen in major cryptocurrencies like Bitcoin and Ethereum. This downward movement pushed XRP below key support levels at $1.920 and $1.90, firmly establishing a short-term bearish zone. The price even dipped below $1.850, hitting a low of $1.810 before a minor consolidation occurred. A subsequent recovery attempt failed to breach the 23.6% Fibonacci retracement level of the recent downturn, indicating persistent bearish sentiment. Currently, XRP is trading below both $1.90 and the 100-hourly Simple Moving Average.
Critical Resistance and Support Levels
For any potential upward movement, XRP must first overcome immediate resistance around the $1.885 level, where a significant bearish trend line is forming on the hourly chart. Should it manage a decisive close above $1.90, the price could target the $1.950 mark, and potentially even $2.00, with further gains looking towards $2.050 and $2.120. However, if XRP fails to clear the $1.90 resistance zone, a renewed downside trend is highly likely. Initial support on the downside is identified near $1.840, followed by a major support level at $1.820. A break below $1.820 could trigger a sharper decline towards $1.780 and potentially $1.70. Technical indicators, including the Hourly MACD, are gaining pace in the bearish zone, and the Hourly RSI is hovering near the 50 level, reinforcing the prevailing negative outlook.
