XRP’s upward momentum has taken a hit when the price failed to reclaim its previous high of $2.9, sparking a recent decline that has resulted in the price falling towards previous support levels. Questions have been raised on the strength of the bull And can they regain control to bring the price back to higher levels.
Bearish build-up on the 4-hour time frame
With bearish pressure mounting, the focus now shifts to key support zones and whether the bulls can hold firm against the downside wave, preventing XRP from experiencing too much of a dip. improvement.
On the 4-hour chart, XRP displays negative sentiment, attempting to break below the 100-day simple moving average (SMA) as it trends downward towards the $1.9 support level. In particular, a sustained decline to this support suggests that selling pressure is intensifying, and if the support fails to hold, the asset may experience further declines.
Also, analysis of the 4-hour chart reveals that the trend line of the Composite Trend Oscillator has fallen below the SMA line, which is a potential Shift in momentum as it approaches the zero line. This indicates a struggle to sustain the upward momentum and points to moderate bearish pressure, leading to a cautious market sentiment. If the signal line continues to fall, it may trigger higher selling activity.
Price set for XRP on 1-day timeframe
On the daily chart, the crypto giant exhibits significant downward momentum, highlighted by a bearish candlestick after a failed recovery attempt to move towards the previous high of $2.9. An inability to sustain an uptrend implies a lack of buyer confidence and a prevailing pessimistic sentiment in the market. As XRP aims at the $1.9 support level, sellers’ pressure may intensify, raising concerns about the possibility of a breakout.
Finally, the 1-day Composite Trend Oscillator indicates a growing bearish trend speedWith the signal line of the indicator falling below the SMA after stopping in the overbought zone. This development suggests a possible change the market Overbought conditions in terms of dynamics may give way to increased selling pressure. A crossover of the signal line below the SMA is often interpreted as a bearish signal, indicating that the upward momentum may be weakening.
Related Reading: XRP Price Stabilizes Above Support: Preparing for the Next Move?
Consequently, as XRP faces new negative pressure, key support levels become important in determining its next move. Meanwhile, the first level to watch is $1.9, which could act as an initial buffer against further declines. A sustained break below this level could open the door for a deeper decline towards $1.7, an area of significant historical activity. J recession With momentum intact, the $1.3 mark could serve as a last line of defense before a broader selloff.
