XRP has experienced a pullback in recent days following buyers' failure to establish support at the $2.6 level.
Pullback in Progress
After buyers failed to turn $2.6 into support, sellers took over the price action, driving XRP down by 9% since last week. The price is currently at the $2.3 support level, which appears to be holding at this time. If selling pressure continues, the next key support level is at $2.
Momentum Shifts Bearish
The recent reversal has turned momentum indicators bearish. This is also seen in daily trading volume, which has shown multiple days of red closes over the past week. The absence of buyers has created conditions for continued selling.
MACD Bearish Cross
Three days ago, a bearish cross on the daily MACD occurred. This significant shift in momentum is likely to keep XRP in a bearish trend in the short to medium term. If the trend continues, the support at $2.3 may be broken, leading to a revisit or at least an approach to the $2 level.
Given the current market trends, XRP faces bearish sentiments, and maintaining key support levels will be critical to prevent further declines.
