Ripple is set for a downward move as it faces reje

Ripple is set for a downward move as it faces rejection around $2.72

Ripple price broke below its ascending trendline (drawn by connecting multiple lows since early January) on February 2 and declined by 10.35%, closing below its daily support at $2.72. On Tuesday, XRP faced rejection around the daily level of $2.72 and declined by 11.38% at Sunday’s close. At the time of writing on Monday, it continues to trade down around $2.34.

Suppose XRP continues its pullback and closes below its daily support at $1.96. It could extend the decline to test its weekly support level at $1.40.

The RSI on the daily chart reads 35, heading towards its oversold level of 30, indicating a strong bearish momentum. The MACD also continued to show a bearish crossover, suggesting the continuation of a bearish trend.