XRP Faces Critical Juncture: Traders Eye $2.30 Resistance Amid Bearish Pressure
XRP finds itself in a precarious position, having initiated a fresh decline below the $2.350 mark and now exhibiting distinct bearish signals. The cryptocurrency risks further losses, with immediate concerns focusing on maintaining levels above $2.120 to avert a more significant downturn.
XRP Price Dips Further
The recent market activity has seen XRP price gain considerable bearish momentum, trading consistently below $2.30. Currently, the digital asset is positioned beneath $2.250 and its 100-hourly Simple Moving Average, signaling a dominant downward trend. A notable bearish trend line is establishing itself on the hourly chart for the XRP/USD pair, presenting a formidable resistance at the $2.250 level. Following a dip below $2.350 and $2.30, the price even touched $2.050, forming a low at $2.066 before attempting a minor correction.
Potential Rebound or Continued Decline
Despite the prevailing bearish sentiment, there's a window for recovery if XRP can sustain its position above the $2.150 support level. A successful push above the $2.30 resistance could pave the way for testing $2.3650, a level closely aligned with the 61.8% Fibonacci retracement of the recent decline from the $2.552 high to the $2.066 low. Subsequent resistance points lie at $2.420 and $2.450, with a major hurdle for bulls at $2.50. However, failure to clear the $2.30 resistance zone would likely trigger renewed selling pressure, pushing the price towards initial support at $2.180, followed by $2.150. A decisive breach below $2.150 could accelerate the decline toward $2.050 and potentially even lower to the $2.00 zone, with the next significant support around $1.850.
Key Technical Indicators
Current technical indicators reinforce the bearish outlook:
- Hourly MACD: Continues to lose pace within the bearish zone.
- Hourly RSI (Relative Strength Index): Currently registers below the 50 level, indicating a lack of buying strength.
- Major Support Levels: $2.180 and $2.150.
- Major Resistance Levels: $2.250 and $2.30.
