Ripple’s XRP Price Analysis: Down 8% to $2.28 Amidst Market Decline

Ripple’s XRP is currently down by more than 8% and is trading at $2.28. The cryptocurrency market is currently experiencing a downward trend, with several major coins facing declines. Both Bitcoin (BTC) and Ethereum (ETH) are seeing significant declines. Bitcoin is priced at $92,017, down by 3.87% in the last 24 hours, while Ethereum follows suit at $2,505, down 8.28%.

The global cryptocurrency market has seen a major decline, with the total market capitalization now sitting at $2.99 trillion. This marks a 5.06% decrease in the last 24 hours, reflecting the ongoing downward trend affecting major cryptocurrencies.

What’s Next For XRP Price?

Looking at XRP’s current price action on the daily chart, analyst Josh of Crypto World said that the price continues to face resistance in the $2.65 to $2.80 range. This area has proven to be a tough hurdle for XRP, with the price struggling to break through. On the downside, XRP has recently broken below the $2.50 support level, which had previously been acting as short-term support. The next key support to watch is in the $2.25 to $2.30 range.

Despite the ongoing rejection from resistance, XRP is currently moving within a sideways price range. The price continues to bounce between the support and resistance levels, and this could continue in the short term. If the price approaches the support again, there’s a possibility of a bounce back towards resistance.

XRP has recently confirmed an oversold signal for the first time in quite a while on the RSI. The last few times the RSI approached oversold conditions, XRP saw local lows and some short-term relief. Although this doesn’t mark the end of the bearish trend, it suggests that we may see a brief relief rally or a slight pause in the selling pressure over the next 1-2 days, before potentially resuming the downtrend.