Key conclusions
- XRP fell about 1% over the past 24 hours and is trading at $1.99.
- Failure to defend the $1.96 support level could push XRP lower.
XRP falls below $2
The cryptocurrency market has weakened in recent days, with Bitcoin and several major altcoins in negative territory. Bitcoin, the largest cryptocurrency by market capitalization, has slipped below $90,000 and may retest lower levels if the downtrend continues.
XRP, the native token of the Ripple ledger, is also trading in the red after losing roughly 1% in the last 24 hours. This bearish move meant XRP could not hold the psychological $2.00 mark and is now trading around $1.99.
Sellers will need to be watched closely at the $1.96 support level. If that level fails to hold, XRP could see significant declines in the coming days. For now, the market remains in consolidation without a clear directional bias.
XRP could extend losses if sellers break the $1.96 support
The 4-hour XRP/USD chart looks bearish and shows reduced efficiency, a condition the report links to the leverage reduction event of October 11. Since then, XRP has been unable to reclaim the $2.70 area needed to restore momentum.
The token lost 3.22% during the past week, marking a second consecutive weekly loss. At the time of writing, XRP is trading near $1.99.
If XRP fails to recover and closes a daily candle below the $1.96 support, the decline could extend toward the next daily support near $1.77.
The 4-hour RSI sits at 41, below the neutral 50 level, indicating bearish momentum is gaining traction. MACD lines are also converging, adding further confirmation to the market’s consolidating condition.
Conversely, if XRP holds above the daily $1.96 support, it could resume an upward move toward the next daily resistance at $2.35.