XRP is experiencing a significant correction, dropping from its recent peak near $3.50. The current focal point for traders is the key support level at $2.90, which is now under pressure.
A decisive break below this $2.90 support threshold could trigger further declines, potentially pushing the price toward the $2.55–$2.40 range. This zone previously acted as resistance and might now transition into a potential stabilization area.
Technical indicators are signaling a shift in market sentiment. The Relative Strength Index (RSI), currently at 51.54, along with the MACD, indicate cooling bullish momentum and increasing downward pressure. Sustained selling volume could even target the $1.90 level if the current support fails and bearish trends continue.
For bullish sentiment to regain control, XRP would need to trigger a rebound toward the $3.30–$3.50 resistance zone while demonstrating a significant shift in technicals. This would require the RSI climbing back above 55 and being accompanied by substantially increased buying volume. Without these confirmatory signals, the prevailing bearish momentum is likely to dominate the near-term price action.