- XRP slipped from $2.17 to $2.11, reflecting persistent selling pressure.
- A descending triangle pattern is forming, hinting at a possible breakdown.
- Key support between $2.11 and $2.14 is under threat, with $2.00 and $1.82 as potential targets.
- RSI near oversold levels and bearish MACD reinforce the cautious outlook.
XRP faced renewed selling pressure, with the price sliding from early highs around $2.17 down to the $2.11 mark by the close, reflecting a clear bearish bias throughout the session. After a sharp dip in the early hours, XRP attempted brief recoveries midday, reaching near $2.15, but sellers quickly regained control, pushing the price lower into the evening.
XRP is under increasing bearish pressure as a descending triangle pattern forms on the 4-hour chart, a setup often viewed as a sign of potential breakdown. At the time of writing, XRP is trading around $2.11, marking a slight decline of 0.18% in the latest session.
XRP Holds the Line, But Breakdown Looms
The chart reveals that XRP has been repeatedly testing a key support zone between $2.11 and $2.14. This consolidation is framed by a series of lower highs, characteristic of a descending triangle, which typically points to weakening buyer momentum.
If the price fails to hold this support, the next critical levels to watch are $2.00 and $1.82, where XRP could find its next foothold. On the upside, a decisive push above $2.22 would challenge the bearish outlook, with $2.52 acting as the next major resistance.
Key indicators reflect the cautious mood. The Relative Strength Index (RSI) currently sits at 36.44, gradually moving toward oversold territory, suggesting that selling pressure remains dominant but a technical bounce could materialize if the dip extends further.
Meanwhile, the MACD shows a bearish alignment, with the MACD line at -0.0193 and the signal line at -0.0248, reinforcing the lack of bullish momentum at present. The 20-period Volume Weighted Moving Average (VWMA) is also closely trailing the price, signaling that the short-term trend remains under strain.
Overall, XRP is at a pivotal technical juncture. The failure to reclaim higher ground above $2.22 keeps bearish sentiment intact, while the descending triangle pattern draws traders’ eyes to the $2.00 support as a potential trigger point for further downside.
A clear breakdown could accelerate losses toward the $1.82 level. However, should buyers manage to invalidate the pattern with a strong upward move, it could pave the way for a recovery phase. For now, caution prevails as XRP teeters at a critical threshold.
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