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The descending channel containing XRP shows resistance at $3.00 and support might reach $1.80 while its current trading price rests at $2.07.

Technical indicators show bearish signals because RSI stays below 40 and bearish moving averages exist along with weak trading volume.

The market uncertainty could rise through $2.00 price drops but price increases above $2.50 may start indications for recovery toward $3.00.

The cryptocurrency market has witnessed significant volatility, with XRP experiencing a sharp decline, currently trading at $2.07 after a 5.2% drop. Technical chart data indicates that prices will maintain their bearish trend while experts forecast more price drops if essential support levels weaken.

XRP Stuck in Bearish Channel as Sell-Offs Continue

The historical price movement of XRP is guided by an established descending channel spanning the previous months. The price data shows XRP attempting multiple times to escape from its bearish pattern without success until the bearish pressure intensified once again.

The pattern shows that XRP has experienced constant sell-offs at the highest points on its descending channel during all upward movements. A latest rejection attempt near $3.00 confirmed the ongoing bearish trend which caused XRP’s price to decrease below essential support areas.