XRP, like many digital assets across the market, is currently experiencing a period of notable downward pressure, with its price recently declining by 0.32% over the past day. Traders and investors are closely observing key technical levels across various timeframes to anticipate potential future movements amidst this bearish sentiment.
Immediate Price Action and Short-Term Outlook
On the hourly chart, XRP recently attempted a false breakout of its local support level at $2.7711, briefly dipping below before a recovery. However, the immediate future appears fragile. Should this recovery prove unsustainable and the daily closing price settle around or below this mark, analysts suggest a potential continued decline towards the $2.76 zone. This indicates that buying momentum is struggling to establish a firm foothold, leaving XRP vulnerable to further short-term slides.
Critical Levels for Mid-Term Trends
Zooming out to the broader daily timeframe, XRP bulls have conspicuously failed to maintain the upward trajectory seen after yesterday's close. If the current daily candle concludes around its present price or lower, the asset is likely to face a critical retest of the $2.69975 support level in the near term. For a more comprehensive midterm perspective, the weekly bar closure relative to the $2.6975 level is paramount. A decisive breakout below this significant support could signal a more substantial downward movement, potentially pushing XRP into the $2.50 to $2.60 range if stronger support fails to materialize.
