Key Points
- XRP has decreased by 1% in the last 24 hours, trading at $1.99.
- Failure to maintain support at $1.96 could lead to further declines for XRP.
XRP Falls Below $2
The cryptocurrency market has lagged in performance in recent days, with Bitcoin and other major coins currently trending downwards. Bitcoin, the leading cryptocurrency by market capitalization, has fallen below $90,000 and may retest lower levels if the bearish trend continues.
XRP, the native token of the Ripple blockchain, is also experiencing a downturn, having lost 1% of its value in the last 24 hours. This bearish trend indicates XRP has failed to hold the psychological level of $2, now trading at $1.99.
Traders will need to defend the support level at $1.96, as failing to do so could result in significant losses for XRP in the coming days. Currently, the market remains in a consolidation phase, with no clear direction in sight.
XRP May Extend Decline If Support at $1.96 Is Not Defended
The 4-hour XRP/USD chart shows a bearish and ineffective trend, largely due to the unwinding event on October 11. Since then, XRP has struggled to regain the $2.7 level needed for efficiency.
Last week, the cryptocurrency lost 3.22% of its value, marking the second consecutive week of losses. As of this writing, XRP is hovering around $1.99.
If XRP fails to rebound and closes the daily candle below the $1.96 support, it may extend its decline toward the next daily support at $1.77.
The RSI on the 4-hour chart stands at 41, below its neutral level of 50, indicating that bearish momentum is gaining strength. Additionally, the MACD lines are converging, providing further confluence to the ongoing consolidation.
Conversely, if XRP stays above the daily support of $1.96, it might extend its rally toward the next daily resistance at $2.35.
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