XRP's recent 20% rally has evaporated as broader cryptocurrency market weakness, led by Bitcoin, continues to suppress altcoin prices. The token has now declined for eight consecutive days, erasing last week's gains and sliding approximately 15% from a high near $2.40. Analysts attribute the sell-off to fragile global risk appetite and thin liquidity, which is fueling selling pressure and triggering forced liquidations from leveraged traders.
Technical analysis reveals a precarious position for XRP. The price recently touched a critical support zone around $2.03, which aligns with the macro 0.5 Fibonacci level. Analyst CasiTrades noted this was a precise touch, indicating buyer interest, but emphasized the broader chart structure remains weak, marked by lower highs and a descending resistance line. While short-term bullish divergence on momentum indicators hints at a possible bounce toward $2.26, this is viewed as a potential "subwave move" rather than a trend reversal.
The key resistance level to watch is $2.41. CasiTrades states that XRP must break and hold above this zone to invalidate a deeper downside scenario. Failure to do so could see any bounce become a temporary pause before another sharp decline. The analyst outlines a more bearish macro target of $1.65 if the $2.03 support level fails, suggesting the current correction may be unfinished.
