XRP has experienced a steep drop, losing a sizable amount of its value as market sentiment turns pessimistic. The cryptocurrency fell by more than 7%, breaching the key support levels and possibly indicating more declines to come. The notable drop in trading volume that accompanied the steep decline suggests that traders are pulling out of their positions, which could result in the downtrend continuing.
Technically speaking, two important indicators that had previously served as support — the 50-day exponential moving average (EMA) and the rising trendline — have now been breached by XRP. The next significant support level located at $2.00 is breached and could lead to a further decline if it is broken. The Relative Strength Index (RSI) has also dropped considerably, indicating a decline in bullish momentum and an increase in selling pressure.
XRP/USDT Chart by TradingView
A reversal is still unlikely at this point unless new catalysts appear, but a further decline in the RSI could confirm oversold conditions. The market is seeing large capital outflows from XRP, with about $350 million leaving the asset in a short period of time, which adds to the pessimistic outlook.
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At least temporarily, this exodus indicates that trust in the asset is declining. Further declines toward the $1.76 region could materialize unless XRP finds strong support and recovers lost ground above the $2.30 resistance level.
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Despite the fact that the majority of the XRP market is currently leaning on the bearish side, the downtrend might be over at any given time, considering XRP's previous performance. The asset is being sold out heavily due to the lack of speculative interest around the asset that was previously fueled by an enormous surge to $3.
The aforementioned key levels are crucial to watch if you are willing to catch the reversal moment, but for now, XRP will keep on struggling under 100 EMA to achieve a return into a bullish zone.
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