XRP Faces Renewed Pressure as Decline Extends, Sparking Sell-Off Fears
The cryptocurrency market is once again watching XRP with bated breath as the digital asset recently initiated a fresh downtrend, falling below the critical $2.850 mark. This extended decline has analysts concerned about a potential major sell-off, especially if the price fails to stabilize above key support levels.
Market Downturn and Key Resistance Levels
XRP's price trajectory took a negative turn after it struggled to maintain footing above $2.950, subsequently entering a short-term bearish zone following drops below $2.920 and $2.90. While a brief recovery attempt saw it test the $2.770 support, the token now faces significant resistance around $2.850. Technical analysis highlights a crucial bearish trend line near $2.8350 on the hourly chart. Should XRP manage an upward push, it would need to overcome resistance at $2.90, $2.880, and then aim for the $2.950 level, potentially leading to further gains towards $3.00 and even $3.050.
Critical Support and Technical Indicators
On the downside, the immediate support for XRP is found near $2.780. A failure to hold this level, particularly if it drops below $2.750, could trigger a more substantial decline towards $2.720, with subsequent support at $2.650 and potentially $2.60. Current technical indicators reinforce the bearish sentiment: the hourly MACD for XRP/USD is gaining momentum in the bearish zone, and the Hourly Relative Strength Index (RSI) remains below the 50 level, indicating a lack of buying strength. Investors are advised to conduct thorough research as the market navigates this period of heightened volatility.
