The cryptocurrency XRP is currently experiencing a notable price struggle, having initiated a fresh decline below the $2.90 mark. The token is now exhibiting clear bearish signals, indicating a high risk of further depreciation, potentially falling below the $2.780 support zone.
XRP's Bearish Trajectory and Key Resistance
XRP recently failed to maintain its position above the crucial $3.00 pivot level, leading to a fresh downturn mirroring trends observed in other major cryptocurrencies like Bitcoin and Ethereum. The price dipped significantly, breaching the $2.920 and $2.90 support levels, with bears driving it even further below $2.80. Although a recovery wave briefly pushed the price above the 23.6% Fibonacci retracement level—derived from the $3.138 high to the $2.678 low—bearish activity remains strong near the $2.90 resistance. The token is consistently trading below $2.90 and its 100-hourly Simple Moving Average, with a defined bearish trend line establishing resistance at $2.90 on the XRP/USD hourly chart.
Potential Downside and Technical Signals
Should XRP fail to break past the $2.90 resistance zone, it is poised for continued decline. Immediate downside support is anticipated around the $2.780 level, with the next major support lying at $2.7150. A decisive close below this $2.7150 level could trigger a further drop towards $2.650, potentially extending losses to the $2.60 zone. Technical indicators reinforce this bearish outlook: the Hourly Moving Average Convergence Divergence (MACD) for XRP/USD is gaining momentum in the bearish territory, and the Hourly Relative Strength Index (RSI) is currently trading below the 50 level, all suggesting an intensifying downward pressure on the token's price.
