XRP Falls Below Key Support Level Amid Mounting Bearish Pressure

XRP has slipped below a critical support level, raising concerns about its future trajectory. XRP has been trading above $0.55 and experienced a sharp decline after failing to break the $0.60 resistance. This has triggered increased bearish pressure, and XRP now trades below $0.55, which is a significant indicator of potential further losses.

The drop below the $0.5850 support level marked a turning point, intensifying the bearish momentum. This move aligns with the broader market’s recent volatility, with other major cryptocurrencies like Bitcoin and Ethereum also facing downward pressure. Analysts point to several factors, including the inability to clear key resistance zones and a lack of bullish support at crucial levels

The immediate support level for XRP is now around $0.54, but the risk of a further decline looms if the coin fails to hold above this point. Some experts believe that a close below $0.54 could lead to a deeper correction, with the next major support level sitting around $0.5250. Technical indicators also suggest continued bearish momentum, with the MACD showing bearish divergence and the RSI trending below 50, indicating a lack of buying strength​.

Meanwhile, XRP’s daily price chart analysis revealed a significant rise of over 14%, closing the week at around $0.59 following a nearly 4% increase during the last trading session. This upward momentum allowed XRP to break above its short-term moving average (yellow line), which had previously served as resistance. Additionally, the asset’s Relative Strength Index (RSI) climbed to about 60, indicating growing bullish momentum.

However, XRP has since experienced a slight retracement, falling by over 1% and trading around $0.58. Despite this dip, the asset remains positioned for potential further bullish action, supported by its breakout above the short-term moving average.

In the short term, XRP’s performance will largely depend on its ability to hold critical support levels and whether buyers can regain control to push the price back toward higher resistance levels​.