$XRP is heading towards the critical support that drops below $2
Recently, the price of XRP has refrained from showing massive movements with the potential to move towards higher targets. Meanwhile, the declining strength of the bulls may raise some concerns about the upcoming fundamental action. The price has been moving quietly, down by 5.34% since the beginning of the week after losing a similar margin over the weekend. However, the bears have maintained a tight grip on the rally, indicating that the $2 support could be broken in the coming days. The price of XRP is in a confirmed short-term bearish pattern as it heads towards the critical support area around $2.04. A drop below the range is expected to lead to further declines. However, breaking the range could pose some challenges, as the bulls have held the range and prevented it from being sold off below the range. Nevertheless, the volatility of the token has decreased significantly, suggesting that the price may remain consolidated for a while before the next price action begins. The daily chart for XRP's price indicates that the token is trading at critical support at the 200-day MA at $2.07. Although the token has led to a recovery, the bullish divergence has not been validated, which may occur once the price rises above the Bollinger range averages. These bands run almost parallel to each other, hinting at a decrease in volatility as the bulls and bears have failed to exert pressure. Meanwhile, the RSI and MACD hint at a continued bearish trend, which may raise some concerns. The MACD, which has just risen into the positive range, has produced a bearish crossover and is returning to the negative range. Furthermore, the Relative Strength Index has maintained a sharp downward trend and has fallen below the range average. This indicates a significant decline in the strength of the rally, which may force the price to remain within a consolidated range. Thus, it is believed that XRP's price will drop below the descending trendline for some time, which may attract buying volume, but the recovery to $2.5 still heavily depends on the induced volume. Therefore, the buying area for the price of XRP could be around $1.85, a strong support and potential reversal area, leading to an entry. A confirmed bounce from the range between $1.85 and $1.90 could target $2.95 after exceeding $2.5, and then at $3.39 and $3.87 #FOMCMeeting #USHouseMarketStructureDraft #xrp #BinanceSquareTalks #BitcoinReserveDeadline
