TradingLover

06/02 02:39

XRP’s recent attempt to break out of its long-stan

XRP’s recent attempt to break out of its long-standing consolidation range has been met with notable selling pressure.

After testing the upper boundary of its descending wedge formation near $2.5, the asset was firmly rejected and has since declined sharply, breaking below both the 100-day and 200-day moving averages, previously acting as dynamic support around the $2.2 level.

This bearish development is further intensified by the emergence of a death cross, where the 100-day MA has crossed below the 200-day MA, often seen as a signal of mid-to-long-term bearish sentiment.

With momentum now favoring the bears, the focus shifts to the next significant support zones:

the psychological $2 level and the wedge’s lower boundary around $1.5.

These lines are likely to be critical battlegrounds for bulls attempting to halt the downtrend.

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