Bears have taken control of the XRP market, with the cryptocurrency experiencing significant declines over two consecutive days amid broader weakness in the top 10 coins. According to CoinMarketCap, all major cryptocurrencies were in the red zone, underscoring a bearish sentiment.
On October 30, XRP was one of the biggest losers, falling 6.22% and trading at $2.4884 at press time. The hourly chart shows the rate testing the local support level of $2.4871. If this support breaks, analysts predict a decline to the $2.40 mark by the next day.
From a longer time frame, XRP's price continues to drop after a false breakout of the resistance at $2.6624. Should the daily bar close below the interim level of $2.50, traders could witness a test of the $2.40 zone shortly. Midterm analysis focuses on the weekly candle closure relative to $2.6624; if it remains distant, the correction may extend to the $2.20-$2.30 range.
Earlier, on October 29, sellers overpowered buyers, with XRP declining 0.41% over 24 hours to $2.6201. The hourly chart indicated a false breakout of the local resistance at $2.6605, and if bulls fail to regain momentum, a support test is anticipated. The longer time frame remains bearish, with potential drops to the $2.50-$2.55 range if daily closes are weak. Midterm perspectives note low volume and no clear dominance, reducing the likelihood of sharp price movements by the week's end.
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