The XRP price has experienced a significant shift in market sentiment, transitioning from a prolonged bullish trend to a bearish outlook following a notable rejection in March 2022. Despite maintaining a healthy upswing along a strong support trend line, recent market dynamics have led traders to adopt a pessimistic stance.

A Change in Market Dynamics

While XRP previously demonstrated a dominance of bullish sentiment with consistent higher highs and lows over the long term, recent bearish pressure has disrupted this pattern, causing the price to break down from a crucial range. As a result, the XRP price is now anticipated to decline by over 35% in the near future.

Technical Analysis Highlights Bearish Trend

Chart analysis reveals a breakdown from key trend support levels, accompanied by a failure to reclaim these levels within a decisive symmetrical triangle. Additionally, significant selling volume suggests a continuation of the bearish trajectory. The XRP price has already reached the first bearish target at $0.42, signaling a potential further decline.

Implications of Weekly RSI Movement

The weekly Relative Strength Index (RSI) has dropped below average levels and shows signs of heading towards lower support, indicating increased selling pressure. The next target at $0.4 represents a critical trend reversal zone with strong historical support and resistance levels. A sustained bearish spell could drive prices below $0.4, eventually targeting crucial support zones around $0.3.

Potential Rebound Scenarios

While XRP remains under bearish pressure, a rebound and re-entry within the pattern could invalidate the bearish outlook. However, failure to secure a rebound may lead to continued selling pressure, potentially pushing prices towards lower support levels.

Conclusion: XRP Faces Bearish Trajectory

In light of recent market developments and technical indicators, XRP is poised to face further bearish pressure, with a potential dip below $0.3 looming on the horizon. Traders should closely monitor price movements and consider potential rebound scenarios to navigate the current market conditions effectively.