XRP’s recent attempt to break past the critical $2.7 resistance level has been met with strong selling pressure, resulting in a price retrace and potential for further losses. The failure to sustain bullish momentum above this key level has shifted market sentiment, with bears now seizing control and pushing the altcoin lower.
The rejection at $2.7 suggests that XRP may face an uphill battle in the near term, as technical indicators hint at growing weakness. The price is currently trading below the 100-day Simple Moving Average (SMA), a crucial long-term trend indicator, signaling that the overall trend may be weakening or shifting to a bearish phase. Additionally, the Relative Strength Index (RSI) has started to decline after failing to reach the 50% threshold, indicating that sellers are gaining the upper hand.
If bearish pressure continues to mount, XRP could see an extended drop, potentially testing lower support zones such as $1.9, $1.7, or even $1.3. However, a swift recovery above critical levels like $2.2 or $2.0 could reignite bullish hopes and prevent a deeper correction.
Traders and investors should closely monitor these key support and resistance levels in the coming days to gauge the direction of XRP’s price action. A decisive break below the $1.9 support zone could accelerate the negative trend, while a strong bounce from this level might indicate that buyers are stepping in to defend critical levels.
As the market digests the recent rejection at $2.7, the next few trading sessions will be crucial in determining whether XRP can regain its footing or if further losses are in store. Those with long positions should consider implementing appropriate risk management strategies, while those on the sidelines may find opportunities to enter at lower support levels if the bearish scenario plays out.
Tags: XRP price, resistance level, support zones, technical analysis, market sentiment
Source: https://www.newsbtc.com/analysis/xrp/xrp-witnessing-a-retrace/