XRP Faces Extended Bearish Pressure At $0.4937 Amid Market Weakness

XRP, one of the leading cryptocurrencies, is currently grappling with extended bearish pressure amid prevailing market weakness. The digital asset has been facing significant downward momentum, influenced by a confluence of factors including macroeconomic uncertainties, regulatory challenges, and broader market sentiment. Thus far, XRP’s price has struggled to maintain key support levels, exacerbating concerns among traders and investors about its near-term performance. As bearish momentum continues to dominate, this analysis delves into evaluating XRP’s current market position with the help of key technical indicators focusing on the 4-hour and the 1-day chart. The price of XRP has increased by 0.63%, trading at about $0.4920 in the last 24 hours, with a market capitalization of more than $27 billion and a trading volume of more than $1 billion as of the time of writing. There has been a 1.06% decrease in market capitalization in the last day despite the trading volume being up by 5.89%. XRP Current Market Performance And Trend Currently, the price of XRP is actively bearish trading below the 100-day Simple Moving Average (SMA) in the 4-hour timeframe, and the price here is beginning to decline after a failed upward attempt. With the current price formation, it can be suggested that XRP’s bearish trend may likely extend. Also, the Composite Trend Oscillator confirms that XRP’s decline may be extended as both the signal line and the SMA of the indicator are descending from the overbought section toward the zero line. In the 1-day chart, XRP is trading below the 100-day SMA attempting to move upward. It should be noted that this is just a short-term move as the crypto asset’s price at some point will begin to drop again thereby extending the bearish trend. Additionally, the formation of the 1-day Composite Trend Oscillator indicates that XRP’s bearish trend may likely extend as both the signal line and the SMA of the indicator are trending below the zero line closed to the oversold zone. Navigating The Bearish Market For The Token With XRP currently facing significant bearish pressure, It should be noted that if the crypto asset continues bearish as predicted, it will begin to move towards the $0.4663 support level. If it breaks below this level, it will decline further to test the $0.4088 support level and may move to test the $0.3483 support level if it breaches the $0.4088 level. However, if XRP fails to decline further and decides to move upward, it will begin to move toward the $0.5725 resistance level. Once this level is breached, XRP’s price will continue upward to challenge the $0.6697 resistance level and may move on to test other resistance levels above. Featured image from Adobe Stock, chart from Tradingview.com