XRP continues to face challenges on its path to reach the $3 level, despite efforts to revive upward momentum. Currently priced at $2.184, the token reflects a significant decline from previously set targets.
Current Price and Technical Analysis of XRP
XRP has dropped below its lower trendline, leading to a bearish situation in the market, dominated by sellers. This movement has placed the token far below key resistance levels, including the $2.95 to $3.00 range, which now appears virtually unreachable.
Weak Market Sentiment and Declining Trading Volume
Deteriorating market sentiment and a decline in trading volumes since mid-August indicate a growing disinterest in XRP on both sides. With low demand and no new influx of capital, a rebound to the $3 level seems unlikely. The 50-day Exponential Moving Average (EMA) is also beginning to weaken, signaling a dying bullish momentum.
Outlook and Risks for XRP
XRP is currently relying on support from the 100-day EMA at $2.77. Should this level fail, the token may undergo a more severe correction with the next possible support zone at the 200-day EMA at $2.51. This scenario would nullify any short-term positive expectations.
Therefore, the current state of XRP indicates a low likelihood of reaching the $3 level anytime soon. A significant increase in both price action and trading volume would be necessary to reverse the bearish trend.
