How Long Will XRP Teeter Below $3?

• XRP is priced at $2.49, slipping over 2%.
• The daily trading volume has increased by 48%.

The crypto market recovery remains stalled despite multiple attempts. Bitcoin is consolidating, while Ethereum shows signs of weakening momentum, hinting at a downturn ahead. Notably, Ripple’s XRP is striving to break out of bearish territory.

Analysts forecast that clearing crucial hurdles could trigger an upside correction toward new highs. XRP’s price action appears to be unsteady, with the gains hinting at a shaky breakout attempt. 

Remaining under bearish pressure with potential downside risks could push the price to unforeseen levels. The asset’s price declined 2.71% after facing back-to-back rejections. In the early hours, XRP traded at $2.60 and with the bears took the price toward $2.45. 

At the time of writing, the asset traded at $2.49, with its daily trading volume reaching $3.4 billion. Notably, the market has witnessed a $10.29 million liquidation of XRP during this period, as per Coinglass. 

The XRP market experienced a turbulent trading momentum for the last few weeks. Over the last thirty days, the asset recorded a loss of 19.75%, followed by a 6.65% plunge in the past seven days. XRP’s monthly low is observed at around the $2.10 range. 

Can XRP Rebound with More Strength?

Assuming the downtrend of XRP prolongs, the $2.51 support range might be decisive. Falling below this threshold could result in a downturn to $2.30. This downside correction may hinder or set back the recovery.

If an uptrend takes shape, XRP could immediately test the $2.62 resistance, and clearing this resistance might trigger the asset to eye crucial ranges, and confirm a rally, pushing XRP toward $3 or even higher. 

XRP’s Moving Average Convergence Divergence line and the signal line are aligned below the zero line. This bearish crossover signals a potential continuation of the downtrend. MACD shift may hint at a reversal.

Moreover, the Chaikin Money Flow (CMF) indicator found at -0.34 suggests that distribution outweighs accumulation with strong selling pressure in the market. Meanwhile, the daily trading volume of XRP has surged by over 48.32%.

The trading window of XRP exhibits the Bull Bear Power value at -0.1634, indicating that the bearish momentum is dominant. Besides, the daily relative strength index (RSI) resting at 35.86, pointing out that the asset is nearing oversold territory.

Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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