XRP's Struggle: Technical Barriers Signal Limited Upside XRP has entered a significant downturn, starting a fresh decline below the crucial $2.920 threshold. The cryptocurrency is currently exhibiting strong bearish signals, suggesting a potential further drop beneath the $2.80 support zone, echoing similar movements observed in Bitcoin and Ethereum.
XRP Price Retreats Under Pressure
After failing to sustain gains above the $3.120 mark, XRP initiated a sharp descent, breaching key support levels at $3.00 and $2.920. Bears capitalized on this weakness, pushing the price further down to establish a new low near $2.678. While the price is now attempting a minor correction, it remains significantly challenged. XRP is trading below both the $2.90 level and its 100-hourly Simple Moving Average. A notable bearish trend line is also forming on the hourly chart, with strong resistance identified at $2.920, hindering any meaningful recovery.
The Looming Threat of Further Decline
Should XRP fail to overcome the $2.920 resistance, the prospects of continued downward movement are high. Initial support on the downside is anticipated around $2.820, with the next critical level at $2.80. A decisive breach below the $2.80 mark could trigger a cascade, pushing the price towards $2.740. Beyond this, the $2.650 zone represents a major support, and a fall below it could significantly intensify bearish momentum for XRP. Technical indicators like the Hourly MACD, which is losing pace in the bearish zone, and the Hourly RSI, now below the 50 level, underscore the prevailing bearish sentiment.
