XRP’s Daily RSI Trendline Breaks Down, Indicating Potential Price Decline
XRP's price action is currently under scrutiny as it hovers above critical support levels. Technical analysis indicates that momentum is waning, with the Relative Strength Index (RSI) breaking below a significant trendline tracking higher lows since early April.
XRP RSI Breakdown
- Current price remains above $2.13, the 0.5 Fibonacci level.
- RSI shows weakened internal market strength.
- Tightening wedge pattern suggests potential for increased volatility.
- Analyst warns of possible sharp moves towards major support before any reversal.
Support Levels at Risk
- Key demand zones identified at $2.01, $1.90, and $1.55.
- Support around $2.01 aligns with the 1.236 Fibonacci extension.
- Reversal signals may emerge if XRP bounces off these levels.
- Short-term risk leans downward until a reclaim above $2.50 and $3 occurs.
Currently, XRP is trading at $2.11, down 2% in the past 24 hours.