The price of XRP has fallen beneath the critical $3 level, reflecting a significant loss of upward momentum according to technical indicators found on weekly charts. This moves XRP below the midline of its Bollinger Bands.
Analysis of the weekly charts suggests this breakdown could lead to a potential decline of up to 20%, targeting key support near the $2.39 level. The characteristic expansion of the Bollinger Bands observed during XRP’s prior rally is now seen as indicative of a possible shift towards establishing lower support zones.
Technical signals point towards XRP facing continued downward pressure, potentially entering a prolonged cooling phase. Analysts note that prospects for a sustained bullish recovery appear limited until the cryptocurrency manages to reclaim its position above the 20-day moving average.
Traders are advised to monitor established support levels closely, particularly near $2.76 and $2.39. A breach or hold at these levels should provide clearer signals regarding the continuation of the downtrend or the emergence of potential stabilization and reversal momentum.