The disappointing technical rejection that XRP just experienced could postpone or even halt its trajectory toward a $3 breakout. The 26-day EMA is a critical resistance level that has now strengthened bears' short-term control, and despite recent sessions' indications of bullish momentum, the asset was unable to break above it.
XRP is currently trading at about $2.36. It has tried to rise above the descending trendline that has capped its movement since January, but the short-term bearish setup has been created by the rejection near the $2.42 level, which coincides with the 26 EMA. This failure is especially detrimental because XRP is still below the 50-day EMA, indicating that there has not been a confirmed reversal and that investor confidence in a long-term uptrend is waning.
XRP/USDT Chart by TradingView
Unfortunately, trading volume has been low during the attempted breakout, indicating that there was insufficient market activity to support a significant spike. Bulls find it more difficult to maintain upward movements as a result of this lack of conviction, which also increases bearish pressure.
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XRP is currently trapped in a narrowing range, as seen from the chart between the horizontal support and descending resistance around $2.20-$2.30. A zone that might serve as the last line of defense before a steeper decline in the 200-day moving average (about $1.93) is the next reasonable target if this support breaks.
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The Relative Strength Index (RSI), which is positioned close to 50, indicates market indecision but is leaning slightly bearish due to the failure at important EMAs and the decline in volume. Although XRP is still technically trading inside the larger descending triangle, the $3 scenario is becoming less and less likely in the near future due to the inability to take advantage of bullish setups and break above dynamic resistance levels.
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Now bulls need to reorganize to protect the $2.20 level and hold off on pushing again until there is more volume and momentum. As of right now, XRP's recovery path has become more difficult, as the worst-case technical scenario has occurred.
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