The recent price action of the $XRP has shown few signs of strength, as the cryptocurrency is facing sustained selling pressure. Since the beginning of the correction phase on May 12, XRP has recorded consecutive daily lower highs, moving further away from the May peak of $2.65. This ongoing decline follows a rally that began last month when the price of XRP recovered from $1.80 in early April. However, the momentum that drove this rise has been overshadowed by a clear wave of red candles, and technical analysis suggests that the price of XRP may fall below $2 again in the coming days, reaching the April low.
A recent technical update shared by analyst MasterAnanda on TradingView reinforces the bearish sentiment in the short term. The chart shared with the analysis shows that XRP has broken a rising channel, with three consecutive daily closes below the lower trend line. These three consecutive days of decline have rejected the setup for a bounce at the lower trend line. Although the $XRP is still trading above $2, the longer it continues to trade below the $2.30 region, the more likely a sharper drop becomes.
Despite the short-term chart painting a worrying picture, MasterAnanda is confident in the long-term bullish trajectory of the $XRP . However, the Fibonacci retracement levels marked on the chart show that the price has already dropped through the 0.382 zone and is hovering near the 0.236 line at $2.035. Below this, the low near $1.75 is the critical area to watch, which aligns with the support zone projected by the analyst. If XRP fails to hold above $2.00, it may slide towards that higher low.
The bearish sentiment for XRP is gradually intensifying. If this correction continues unchecked, a retest of the $1.70 to $1.80 range may occur sooner than expected. At the time of writing, XRP is trading at $2.13, down 3.85% in the last 24 hours and 8.9% in the last seven days.
