XRP faces significant downward pressure, trading near $2.81 after a near 20% drop from its recent peak of $3.55. Technical indicators signal weakening momentum and growing bearish sentiment.
Current support is being tested within the $2.70 to $2.87 range. Holding this zone is critical for near-term stability. Below this, the $2.40 – $2.60 support band emerges as a vital threshold. Maintaining price above $2.60 is considered essential to prevent a deeper plunge towards the $2.00 level.
Technical analysis shows a Relative Strength Index (RSI) reading of 43.35, indicating weakening bullish momentum. The Moving Average Convergence Divergence (MACD) also reflects increasing bearish pressure. Stabilization above $2.70 could potentially provide a foundation for price recovery; however, a continued lack of buying momentum risks triggering further declines towards the lower support regions.