Ripple bears could target the $1.77 level
Ripple price declined nearly 12% on Monday and reached a daily low of $2.06 the next day. XRP continued its decline by 5.33% until Thursday. At the time of writing on Friday, it trades down by 7.6%, at around $2.03.
If XRP closes below the $1.96 daily support level, it will extend the decline to test its February 3 low of $1.77.
The RSI on the daily chart reads 29, below its oversold conditions and points downwards, indicating significant selling pressure but technically may be due for a potential reversal or bounce. However, traders should be cautious as the RSI may remain below oversold levels and continue to correct.
Conversely, if XRP recovers, it could extend the recovery to test its resistance level at $2.72.
