XRP Slides After Failing To Reclaim $2.9, What’s Next For Bulls?
XRP’s upward momentum took a hit after the price failed to regain its previous highs of $2.9, triggering a fresh decline that saw the price fall towards previous support. The rejection raised questions about the government’s strength. bull And whether they can regain control and pull prices back to higher levels.
The 4-hour time frame is bearish.
As bearish pressure intensifies, focus now turns to key support areas and whether bulls can hold on to the downside and prevent XRP from experiencing a deeper decline. correct.
On the 4-hour chart, XRP is showing negative sentiment as it attempts to break below the 100-day simple moving average (SMA) as it trends downwards towards the $1.9 support. Specifically, a sustained decline to this support level indicates that selling pressure is intensifying, and if this support level fails to hold, the asset may experience more losses.
Furthermore, analysis of the 4-hour chart shows that the trend line of the General Trend Oscillator has fallen below the SMA line, which marks potential Momentum changes as it approaches the zero line. This points to the difficulty of sustaining the upward trend and signals mild bearish pressure, leading to cautious market sentiment. If the signal line continues to fall, it could trigger increased selling activity.
XRP price setting on the 1-day time frame
On the daily chart, the cryptocurrency giant is showing significant downward movement, highlighted by a bearish candlestick after a failed attempt to surge to the previous high of $2.9. The inability to sustain the upward trend implies a lack of buyer confidence and widespread pessimism in the market. As XRP targets support at $1.9, pressure from sellers is likely to intensify, raising concerns about the possibility of a crash.
Finally, the one-day general trend oscillator sends a bearish signal momentumthe indicator’s signal line fell below the moving averages after hovering in the overbought zone. This development suggests a possible shift market dynamics, as overbought conditions may give way to increased selling pressure. A signal line crossing below the SMA is usually interpreted as a bearish signal, indicating that upward momentum may be fading.
Related reading: XRP price stabilizes above support: Are you ready for the next move?
In conclusion, as XRP faces fresh negative pressure, key support levels will be crucial in determining its next move. Meanwhile, the first level to watch is $1.9, which could serve as an initial buffer against further losses. A sustained move below this level could open the door to further declines towards $1.7, a historically active area. if bearish If momentum persists, the $1.3 mark could serve as the last line of defense before a broader selloff occurs.
