The price of the currency $XRP is under notable pressure again, currently trading at $2.21 after a decline of 0.34% in the last 24 hours. After failing to hold above $2.50, the price is now approaching critical support levels, raising many questions in the minds of traders: Can XRP maintain its stability? Or is the decline continuing?
🔍 Updated Technical Analysis: Is XRP Losing Momentum?
The daily chart using Heikin Ashi candles shows a clear bearish trend, with red candles without upper wicks, indicating ongoing selling pressure and weak buying appetite. Despite repeated attempts, the price has failed to close above $2.10, turning this level into solid resistance.
On the other hand, the Relative Strength Index (RSI) shows a reading of 35.49, indicating weak momentum and that the price is nearing oversold territory. If a near-term rebound does not occur, we may see random sell-offs caused by panic.
💰 Early Profits and Selling Pressure
XRP still retains significant gains compared to its prices before the November 2024 surge, having risen over 300%. However, at the beginning of June, data showed that early investors began to take profits at a rate of $68.8 million daily, indicating significant selling pressure and a potential shift in market structure.
🧭 Key Support and Resistance Areas
Based on the Fibonacci retracement from the bottom ($1.50) to the top ($2.87), we observe the following:
First Support: $2.05 (0.618 Retracement)
Second Support: $1.76 (0.776 Retracement)
Psychological Support: $2.00
If it breaks below $2.05, the price may quickly head towards $1.86, indicating a decline of about 8%.
As for resistance:
First Resistance: $2.00
Second Resistance: $2.20
Strong Resistance: $2.40
Any breakout above $2.30 could trigger short covering and attract more buyers.
📈 Can We Expect a Rebound?
Despite the bearish trend, XRP has a history of sudden rebounds at the $2.00 level. If a double bottom pattern forms or positive divergence signals appear in the RSI, we might see a rebound towards $2.30, an estimated increase of about 11.33%.
However, to reach this scenario, we need to see a strong green candle of the Heikin Ashi type with an increase in trading volume, indicating seller exhaustion.
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📊 Forecast for This Week:
Bearish Scenario: Break below $2.05 → Target $1.86
Bullish Scenario: Break above $2.10 → Target $2.30
Sideways Scenario: Trading between $2.00 and $2.15
Based on current indicators, the bearish scenario remains the most likely unless we see a strong increase in trading volume.
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✅ Summary:
XRP is currently at a crossroads. The price is at $2.21, and there is still a chance of a rebound, but it requires strong confirmation. If you are considering entering, wait for a clear breakout above $2.10 with strong trading activity. If selling pressure continues, it may be better to wait for the price near $1.86 before making a buying decision.
