- XRP formed a clearly marked seven-wave corrective pattern, typically signaling completion of a short-term downtrend.
- The $2.21 mark remains the critical support level against additional losses, with $2.46 a strong resistance.
- RSI levels near 30 indicate oversold conditions, suggesting decreasing selling pressure and potential stabilization ahead.
XRP( XRP) continued its corrective decline on the hour chart, losing more to $2.22 after a 7.5% decline in the last 24 hours . The cryptocurrency moved between $2.21 and $2.46, putting pressure on its strong support level. The downtrend in recent price sequence charts seven clean downward waves, typically signaling an already achieved corrective move. Market players are seeking indications of potential reversal as selling momentum for short-term selling starts to slow.
Selling Pressure Intensifies Below $2.46 Resistance
The corrective pattern began after XRP met strong overhead resistance near $2.46, marked on the chart’s circled region. From that level, selling pressure intensified, triggering a structured decline . The pattern unfolded through seven visible waves, each showing a loss of momentum compared to the previous one.
Notably, the repeated rejections around $2.46 indicate that buyers struggled to sustain momentum above that zone. This failure allowed sellers to regain short-term control, pushing the price toward the $2.21 support area. The support has so far limited further losses, suggesting possible accumulation at lower levels. However, price stability remains crucial before any upward retracement can be confirmed.
RSI Near Oversold Territory Highlights Market Weakness
The Relative Strength Index (RSI) was at about 30 on the hourly chart, an oversold figure. Such readings usually follow prolonged declines, and as selling is virtually depleted, it should begin to reverse. With abating momentum, investors are closely observing whether the topping procedure has been finished.
But even with the oversold situation, confirmation of a turnaround would take repeated buying above the $2.30 zone. The flattening trend in the RSI suggests that selling pressure may be abating, but volatility is still high. A persistent trading volume and close above $2.25 would be the first technical signs of stabilization.
Market Outlook as Corrective Sequence Nears Completion
XRP’s seven-wave downtrend represents a structured correction rather than random market behavior. This type of corrective pattern is likely to be followed by stabilization in price or short-term rallies. However, the $2.21 level remains a critical level of support that must be maintained to prevent further declines.
Traders will be watching the $2.46 resistance as the prime recovery level in the coming sessions. If XRP is able to stay above $2.21 and gain short-term momentum, a technical bounce will follow. Otherwise, the asset is currently in a controlled correcting range, with near-term sentiment defined by such support-resistance dynamics.
