- XRP is facing bearish pressure as it tests key support levels between $2.11 and $2.14, with a descending triangle pattern signaling potential further losses.
- If the price breaks below this support, targets at $2.00 and $1.82 could come into focus, while a move above $2.22 may trigger a recovery.
XRP has been caught in a tight battle as it faces consistent selling pressure, slipping from $2.17 to $2.11. This decline has sparked concerns among traders, with technical indicators signaling that a breakdown could be imminent. The formation of a descending triangle pattern on the 4-hour chart suggests that further losses could be on the horizon, possibly leading XRP toward the $2.00 support level.
The Descending Triangle: A Bearish Signal
XRP’s price has been testing key support levels between $2.11 and $2.14 for several days, forming a pattern characterized by lower highs. This descending triangle setup is typically a sign of weakening buying momentum, which raises the possibility of a breakdown if the price fails to hold these levels. At the time of writing, XRP is trading around $2.11, marking a slight decline of 0.18%.
XRP Potential Targets: $2.00 and $1.82
Should the support zone between $2.11 and $2.14 give way, XRP could face further downside. The next major support levels to monitor are $2.00 and $1.82. If selling pressure continues to dominate, these targets could become the focus of traders, accelerating losses toward lower price points.
On the upside, the outlook could change if XRP pushes past the critical $2.22 resistance. A sustained move above this level could challenge the bearish trend and open the door for a potential recovery.
Indicators Signal Caution
Key technical indicators are contributing to the cautious sentiment surrounding XRP. The Relative Strength Index (RSI) is approaching oversold territory, sitting at 36.44, which suggests that XRP may be nearing a short-term bounce. However, the overall sentiment remains bearish, as indicated by the MACD, which shows a negative alignment. The MACD line at -0.0193 and the signal line at -0.0248 confirm the absence of bullish momentum.
Moreover, the 20-period Volume Weighted Moving Average (VWMA) is trailing closely behind the price, further emphasizing that the short-term trend is under strain.
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The Next Move: Will XRP Hold or Break Down?
As XRP hovers at a critical juncture, traders are watching closely for signs of either a breakdown or a reversal. If the price fails to reclaim higher levels, such as $2.22, the bearish sentiment will likely remain intact. In contrast, a strong move above this resistance could invalidate the descending triangle pattern, paving the way for a recovery phase.
For now, caution remains the dominant strategy as XRP navigates this uncertain phase, with $2.00 in sight if the bearish pattern tightens its grip.
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