May 31, 2025
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XRP Faces Multi-Timeframe Breakdown Amidst Bearish Pressure
XRP's price action shows signs of weakening after a period of stability, with recent breakdowns indicating a shift in market momentum. Key observations include:
- Bearish pressure is increasing as critical support levels falter.
- Analyst Gowanus Monster identified a bearish Descending Triangle formation, projecting a target around $1.90 if the downtrend continues.
- The weekly chart shows a well-defined structure with upper and lower boundaries, focusing on identifying a higher low within this channel.
- If the price rebounds early from the upper boundary without reaching the lower limit, it may signal a potential bullish breakout.
- GemXBT notes XRP is in a short-term downtrend, trading below key moving averages, indicating sustained bearish momentum.
- The Relative Strength Index (RSI) is in the oversold zone, suggesting an imminent reversal or consolidation phase.
- Key support is at $2.15, while resistance lies near $2.25, which bulls need to reclaim for a shift in sentiment.
- A recent increase in trading volume could introduce volatility, impacting either a breakdown or recovery.
