XRP Faces Downward Pressure In a challenging turn for cryptocurrency markets, XRP is experiencing a notable decline, registering as one of today's significant losers with a fall of 4.41%. Technical analysis across various timeframes paints a predominantly bearish picture, suggesting potential further dips for the digital asset.
Immediate Price Action and Short-Term Outlook
On the hourly chart, XRP's price is trending downward after a false breakout above the local resistance of $2.777, indicating a likely continuation towards the $2.70 zone. The daily chart reinforces this bearish sentiment; if the daily bar closes below the critical $2.6975 level, it could trigger a more profound decline into the $2.60-$2.70 range.
Mid-Term Bearish Sentiment Persists
From a midterm perspective, bears currently hold more power than bulls. Analysts suggest that a breakout below the $2.7280 level significantly increases the chance of XRP testing the $2.50 mark in the near future. With XRP trading around $2.7045 at press time, these technical indicators highlight the ongoing downward pressure and the potential for further price depreciation.
