XRP is trading at $2.23, facing bearish momentum with key support at $2.20 being tested. Resistance is noted around $2.30 to $2.32, with further selling pressure observed across multiple timeframes. The inability to reclaim higher levels indicates potential for continued downward movement. Traders are encouraged to watch for bullish signals near support, while bearish sentiment prevails.

XRP is currently trading at $2.23, boasting a market capitalization of $129 billion and a 24-hour trading volume of $2.8 billion. The price has fluctuated between $2.21 and $2.36, remaining under significant selling pressure across various timeframes, indicating a substantial bearish market sentiment.

The 1-hour chart displays strong bearish momentum, with XRP forming lower highs while consistently testing critical support at $2.20. A spike in trading volume suggests a potential local bottom, but the prevailing downward trajectory persists. Resistance is identified between $2.30 and $2.32 and could inhibit any short-term attempts by buyers to regain control. For a bullish reversal, considerably increased buying interest must be confirmed by a decisive green candle near $2.20; otherwise, further declines may ensue.

On the 4-hour chart, bearish momentum is reaffirmed through a series of lower highs and lower lows, with support level retesting within the $2.20 to $2.25 range due to heightened selling volume. Notable resistance is around $2.40 to $2.45, where previous recovery efforts have stumbled. A potential short-term rally could result from buying pressure near support, yet failure to maintain this level could accelerate downward movement. Traders aiming for long positions may seek bullish confirmation at $2.20, while shorting opportunities are present if prices cannot sustain above $2.35 to $2.40.

The daily chart indicates an extended downtrend, with XRP struggling to maintain above the $2.20 level after previous failures to hold above $3.00. Clear resistance is found between $2.50 and $2.60, with stronger rejections occurring near $3.00. An upsurge in selling pressure, evidenced by recent volume spikes, reinforces the bearish outlook. Consecutive red candlesticks highlight a persistent lack of bullish conviction, establishing that a fall below $2.20 could lead to further declines. A successful reversal would necessitate significant accumulation and buyer activity to sustain a breakout above $2.50.

Oscillator readings remain neutral, with the relative strength index (RSI) at 43.09 and stochastic at 33.61, reflecting market indecision. The average directional index (ADX) indicates a weak trend at 23.15, while the awesome oscillator presents a slightly negative value at -0.04134. Other indicators, including the MACD at -0.06294, further substantiate bearish sentiment.

Indicators related to moving averages illustrate a pronounced downward trend, with multiple sell signals across varying periods. Both exponential moving averages (EMA) and simple moving averages (SMA) reaffirm selling pressure, particularly evident in the 10, 20, 30, 50, and 100-period averages. However, the 200-period EMA and SMA suggest a potential long-term buying zone at levels of 1.85 and 1.60, respectively. Unless XRP can reclaim essential resistance levels, the current trend points towards continued downside movement.

In the bullish scenario, despite existing bearish pressure, XRP’s resilience above the $2.20 support could lay groundwork for potential recovery. Should buyers successfully push the price beyond the $2.50 resistance, a short-term bullish reversal may materialize. The 200-period moving averages highlight a possible long-term accumulation zone, which could rekindle bullish sentiment if key resistance levels are surpassed.

Conversely, in the bearish perspective, XRP firmly remains entrenched in a downward trajectory, characterized by robust selling pressure and a sequence of lower highs that bolster the bearish case. The inability to reclaim resistance at $2.50, coupled with ongoing rejection at lower price levels, indicates heightened downside risk. Should the $2.20 support fail, the next downward move could witness XRP revisiting lower price levels, undermining any short-term bullish endeavors.

In summary, XRP is currently facing significant bearish pressure, with critical support being tested at $2.20. The asset is characterised by a sequence of lower highs and lows across various timeframes, reinforcing a bearish outlook. A substantial shift in buying interest would be required to reverse the current trend, as resistance remains firmly established at higher price points. In the absence of such momentum, continued downside risk looms, especially if support fails.

Original Source: news.bitcoin.com

Related posts:

Bitwise Forecasts 2025 Price Targets for Bitcoin and Ethereum Bitcoin Maintains $97,000 Level as Cryptocurrency Market Experiences Correction Scaramucci Predicts Positive Future for Bitcoin Amid Price Projections and Market Trends Bitcoin Price Analysis and Prediction (February 10) – Can Bulls Take Charge?