XRP Under Pressure: Bears Threaten Further Declines Below Key Support Levels
XRP is currently experiencing a fresh downturn, struggling to maintain critical price levels and signaling a potential for sharper declines. After failing to hold above the $3.00 mark, the digital asset has entered a short-term bearish zone, raising concerns among investors and traders.
Recent Price Action and Bearish Signals
The XRP price initiated a decline below $2.90, failing to sustain momentum seen in other major cryptocurrencies like Bitcoin and Ethereum. It dipped past $2.950 and $2.920, now trading significantly below its 100-hourly Simple Moving Average. A crucial bearish trend line has emerged on the hourly chart of the XRP/USD pair, presenting resistance around $2.880. Despite a brief recovery attempt that saw the price reclaim the 23.6% Fibonacci retracement level after a drop from $3.05 to $2.8320, bearish sentiment remains strong, particularly near the $2.920 level.
Outlook: Potential for More Losses or a Modest Rebound
Should XRP fail to break above the immediate resistance at $2.920, it is poised for a continued descent. Initial downside support is identified at $2.820, with a more significant floor at $2.80. A decisive close below $2.80 could accelerate the decline towards $2.7250, potentially extending losses to the $2.650 and even $2.60 zones. Conversely, a renewed upward push might encounter resistance first at $2.880, then at $2.920. Overcoming these hurdles could see XRP challenge the $2.950 mark, with a more substantial target at $3.00 or the 76.4% Fibonacci retracement level. The ultimate challenge for bulls lies near the $3.050 resistance.
Key Technical Indicators
Current technical indicators paint a bearish picture for XRP. The Hourly MACD for XRP/USD is showing increasing momentum in the bearish territory, while the Hourly Relative Strength Index (RSI) has fallen below the 50 level, indicating a lack of buying pressure. Major support levels for XRP are pegged at $2.820 and $2.80, while key resistance levels are found at $2.920 and $2.950.
