XRP’s price has moved erratically, showing a downward trend of late.
The cryptocurrency currently trades at $2.22, down 3.17% over the past 24 hours.
XRP Price Volatility and Selling Pressure
Initially, XRP saw an upward push, reaching a high of $2.30, but it failed to sustain the momentum. The price then fell back and moved between $2.12 and $2.25, indicating stronger selling pressure.
With a 38.52% drop in trading volume, market activity has gone down significantly, suggesting weaker buying interest. If XRP stays above key support levels, a short-term recovery may happen. However, further drops could cause more losses in the coming days.
XRP Price Action: Bearish Outlook
XRP’s recent price action points to a bearish outlook, as the token struggles to regain lost ground. The price initially climbed to $2.30 but met strong resistance, resulting in a sharp decline. It then stabilized within the $2.12 to $2.25 range, showing market uncertainty.
The psychological level of $2.20 played a major role in temporary price stabilization, but buying pressure is still weak.
Source: CoinMarketCap
Key Support and Resistance Levels for XRP
Key resistance levels include $2.30, which acted as the recent peak before the decline, followed by $2.27 and $2.25, where the price attempted recovery but failed.
On the downside, strong support is seen at $2.12, the lowest recorded point in recent trading, with additional support levels at $2.15-$2.18, where temporary stability emerged.
Will XRP Hold $2.20 or Test Lower Levels?
If XRP remains above $2.20, it could make another attempt to break through resistance levels. However, a drop below $2.12 may lead to a test of lower levels, potentially hitting $2.10 or worse.
Bearish Technical Indicators Persist
XRP/USD daily price chart, Source: TradingView
Technical indicators confirm this bearish trend, with the RSI currently at 35.68, getting close to oversold territory. This suggests that if buying pressure increases, a potential rebound may occur. However, as long as market sentiment remains weak, recovery chances will be limited.
The MACD line at -0.04036 is below the signal line at -0.06149, confirming bearish momentum. The histogram reflects weak buying activity, signaling continued downside risk unless market conditions shift.
XRP Price Forecast for March 2025: Potential Rebound
Coincodex market projections suggest a potential 5.64% growth in February 2025, bringing XRP’s average price to $2.36.
The expected price range for the month is between $2.28 and $2.49, offering a possible return of 11.64% from current levels.
