XRP, a prominent cryptocurrency currently trading around $2.2609, is navigating a challenging market environment as it continues to experience significant price declines. Recent analysis points to persistent bearish pressure across various timeframes, suggesting further downward movement if current trends hold.
Immediate Price Action and Hourly Trends
In the immediate short term, XRP has seen a notable decline of 5.82% over the past day, signaling a continuation of bearish sentiment. On the hourly chart, the price made a false breakout below the local support level of $2.2023. If XRP fails to recover significantly from this point, with the daily bar closing near the $2.20 mark, traders should anticipate a potential slide towards the $2.15 zone in the very near future.
Longer-Term Bearish Momentum
Looking at broader time frames, there are currently no clear reversal signals that would indicate a shift in market momentum. Should the daily candle close near its lowest point, a test of the crucial $2 psychological support level appears imminent. From a midterm perspective, bears firmly control the market narrative. Unless bulls can decisively seize the initiative, analysts project a possible test of the $1.7711 support level before the end of the month, underscoring the prevailing downward trajectory for XRP.
