#XRP Technical outlook: Can XRP bulls renew the uptrend?

XRP is trading above support $3.00 following the brief US economic data-driven sell-off. The downward-trending Relative Strength Index (RSI) underscores the slump in buying pressure. Suppose the RSI extends the decline below the midline. In that case, the path of least resistance will remain downward, increasing the chances of XRP sliding to test support provided by the 50-day Exponential Moving Average (EMA) at $2.92.

A sell signal maintained by the Moving Average Convergence Divergence (MACD) indicator since July 24 backs the bearish bias. Investors will consider reducing exposure as long as the MACD line in blue stays below the red signal line. The red histogram bars below the zero line indicate bearish momentum is building.

Still, key moving averages, including the 50-day EMA at $2.92, the 100-day EMA at $2.69 and the 200-day EMA at $2.42, are upward facing, which reinforces XRP’s bullish technical structure.

These levels will also serve as tentative support if the decline accelerates below $3.00. Other key areas of interest for traders are the seller congestion at around $3.40, tested on Friday and the record high of $3.66 reached on July 18.