Ripple price forecast: XRP revisits critical support at $1.96

Key Points

• XRP has decreased by 1% in the last 24 hours and is currently trading at $1.99.
• Failure to maintain support at $1.96 could lead to further declines for XRP.

XRP Drops Below $2

The cryptocurrency market has experienced underperformance in recent days, with Bitcoin and other major coins showing negative trends. Bitcoin, the leading cryptocurrency by market capitalization, has fallen below $90,000 and may test lower levels if the bearish trend continues.

XRP, the native coin of the Ripple blockchain, is also facing declines, having lost 1% of its value over the past 24 hours. This bearish performance indicates that XRP has failed to maintain the crucial psychological level of $2, now trading at $1.99.

Buyers will need to defend the support level at $1.96 because failure to do so could lead to significant losses for XRP in the coming days. Currently, the market remains in a consolidation phase, lacking clear direction.

XRP May Extend Declines If Support at $1.96 Is Not Defended

The 4-hour XRP/USD chart appears bearish and ineffective, a situation exacerbated by the deleveraging event on October 11. Since that time, XRP has struggled to reach the $2.70 mark, hindering its recovery.

In the past week, the cryptocurrency has lost 3.22% of its value, marking the second consecutive week of losses. As of this writing, XRP is trading around $1.99.

If XRP fails to rebound and closes the daily candle below the support level of $1.96, it may continue its descent toward the next daily support at $1.77.

The RSI on the 4-hour chart is at 41, below its neutral level of 50, indicating growing bearish momentum. Additionally, the MACD lines are converging, further complicating the market’s consolidation phase.

Conversely, if XRP stays above the daily support of $1.96, it could push towards the next daily resistance at $2.35.