XRP Faces Potential Downside Pressure After Losing $3.00 Support Amid Weakening Momentum
Main Idea
XRP has lost its critical $3.00 support level, signaling bearish momentum and weakening buying pressure, with technical indicators and stagnant market cap reflecting low trader confidence.
Key Points
1. XRP dropped 7.4% last week, failing to hold the $3.00 support level and now trades in a narrow range between $2.91 and $3.05.
2. Technical indicators like RSI (40.73) and negative MACD divergence confirm declining buying pressure and bearish momentum.
3. The $3.00 level has flipped from support to resistance, with recent price action rejecting attempts to break above this level.
4. XRP's market cap remains stagnant at around $174.3 billion, indicating low trader confidence and lack of significant buying or selling pressure.
5. Recovery above $3.00 depends on renewed buying strength, but current technical conditions suggest continued downside risk.
Description
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