XRP Faces Further Decline Amid Lack of Support Levels

XRP is experiencing significant downside pressure, with analysts expressing pessimism regarding its short-term recovery. The cryptocurrency has slipped below key support zones, increasing the likelihood of further declines.

Key Points

  • XRP's price action suggests it may lose its Descending Channel, indicating weakness rather than stabilization.
  • The probability of reclaiming the $1.95 level by the weekly close is low; a technical downside target near $0.90 has been identified.
  • No meaningful support levels are currently holding, leaving XRP vulnerable to continued selling pressure.

XRP Price

  • XRP is trading within a downward channel, with recent attempts to bounce capped by descending resistance.
  • Momentum indicators like the Relative Strength Index (RSI) highlight ongoing pressure and persistent weakness.

Potential for Short-Term Recovery

  • A daily close back inside the Descending Channel could offer temporary relief but is considered a minor development compared to larger structural levels.
  • The $1.95 level on the two-week close remains a critical area to watch as a defining support zone for XRP.

XRP price chart from Tradingview.com