XRP Plunges Below Key Support as Sellers Drive Towards New Lows XRP, the digital asset, has entered a significant downtrend, falling sharply below the $2.50 mark. The cryptocurrency is currently exhibiting strong bearish signals, with analysts pointing to a high probability of further losses unless it can quickly reclaim critical support levels. This recent price action has left investors bracing for potential fresh lows in the near term. The decline saw XRP gain bearish momentum, pushing its value below $2.350. It is now trading decisively under $2.420 and the crucial 100-hourly Simple Moving Average, signaling a strengthening bear market. Technical analysis reveals a clear bearish trend line establishing resistance at $2.550 on the hourly XRP/USD chart. While a low was recently established at $2.260, prompting a minor correction, the overall sentiment remains pessimistic. The asset currently struggles below the $2.40 level and the 100-hourly Simple Moving Average. Any upward movement would first need to contend with resistance near $2.40 and the 50% Fibonacci retracement level of the recent downturn from $2.552 to $2.260. Should XRP fail to breach the $2.50 resistance zone, a renewed decline is anticipated. Initial support on the downside is identified near $2.320, with a more significant barrier at $2.30. A decisive close below $2.30 could trigger an extended fall toward $2.250, and potentially as low as $2.220 or even $2.20. Conversely, a sustained push above the $2.550 resistance could pave the way for a recovery towards $2.60, with subsequent targets at $2.650 and the next major hurdle for bulls around $2.720.
Technical Outlook
Current technical indicators reinforce the bearish sentiment. The Hourly MACD for XRP/USD is losing momentum within the bearish territory, while the Hourly Relative Strength Index (RSI) has dipped below the 50 level, indicating a lack of buying pressure. Key support levels to watch are $2.320 and $2.250, while major resistance lies at $2.50 and $2.550. Investors are advised to closely monitor these levels as XRP navigates this volatile period.
