XRP, one of the leading cryptocurrencies, faces resistance at the $2.42 mark, potentially dampening investors' hopes of reaching $3. Technical analysis shows a lack of confirmed trend reversal.
Current XRP Situation
Currently, XRP is trading at around $2.36 after a failed attempt to break above the descending trendline maintained since January. Short-term bearish momentum was reinforced by the failure at about $2.42, coinciding with the 26-day EMA.
Technical Analysis and Reasons for Slowdown
Despite previously observed bullish moments, the recent failure has given bears more control. Trading volumes remain low, indicating insufficient market activity to support a significant spike. XRP is trapped in a narrowing range between horizontal support and descending resistance, which might be the last line of defense before a steeper decline.
Prospects and Possible Scenarios
The Relative Strength Index (RSI), positioned near 50, indicates market indecision but leans bearish due to lack of volume and EMA failure. To protect the $2.20 level and strengthen positions, bulls need to regroup and wait for improved market conditions.
Facing technical resistance, XRP must overcome several key levels to recover. While prospects of reaching $3 seem unlikely, the market remains poised for new signals.
