Ripple's XRP is experiencing selling pressure and demonstrating a new decline, slipping below key support. The current price of XRP stands at $1.89, which is 8.5% lower compared to previous days.
XRP Enters New Phase of Bearish Price Action
XRP has entered a new stage of bearish trend, registering a fresh lower low as market sentiment continues to tilt toward the downside. Currently, XRP is trading at $1.89, down 8.5% on the day, and analysts predict unfavorable market conditions to persist temporarily.
Technical Analysis and Market Trends
On the daily chart, XRP has recently broken below the $1.96722 level, a key zone that aligns with the April 14, 2021 peak and the February 3rd, 2021 low. This area previously served as an important historical stage for the asset before transforming into resistance. The breaking of this support area signals that market buyers are losing power and bears are taking control. XRP/USD data reveals an intense selling force which reflected from the $2.80 price area triggering a fast price reduction to $1.89.
Outlook and Potential Scenarios
If XRP fails to break above $1.97 within the coming period, it is likely to decline to $1.65, marking the bottom of its current daily price range. A reversal signal would occur if the asset reclaims $2.00 with strong trading activity. The negative structure persists, so traders should maintain a cautious approach and watch for indications of potential changes or accumulation at zone levels.
In conclusion, thus XRP continues to face bearish pressure, and traders should stay alert to possible changes in market dynamics that may arise in the near future.
