TLDRXRP price dropped over 8% to $2.28, breaking below the key $2.50 support levelTechnical indicators show XRP is currently in the bearish zone with resistance at $2.4880The cryptocurrency market as a whole is experiencing a downward trend, down 5.06% in 24 hoursRSI indicates XRP is oversold, suggesting a possible short-term relief rallyNext key support level to watch is in the $2.25-$2.30 rangeXRP, the digital asset associated with Ripple, has experienced a notable decline in recent trading sessions, settling well below several important support levels. The cryptocurrency, which had previously shown strength, is now trading at approximately $2.28, marking an 8% decrease in value over the past 24 hours.The downward movement began when XRP failed to maintain momentum above the $2.75 resistance zone. This failure triggered a fresh decline similar to patterns observed in other major cryptocurrencies like Bitcoin and Ethereum. The decline accelerated as the price fell below the $2.65 and $2.55 support levels, eventually breaking through the critical $2.50 threshold to enter what analysts describe as a bearish zone.Technical indicators now point to challenging conditions for XRP in the near term. The price is currently trading below both the $2.50 mark and the 100-hourly Simple Moving Average, reinforcing the bearish sentiment. The hourly MACD for XRP/USD is gaining pace in the bearish zone, while the RSI has fallen below the 50 level, further confirming the downward pressure.XRP Price on CoinGeckoChart analysis reveals a key bearish trend line forming with resistance at $2.4880 on the hourly chart of the XRP/USD pair. This technical formation suggests that upward movement may face substantial resistance in the immediate future. The price might encounter initial resistance near the $2.3250 level, followed by a more substantial barrier at the $2.40 level.For traders and investors watching recovery possibilities, the $2.4880 level represents an important threshold, corresponding to the 50% Fibonacci retracement level of the downward wave from the $2.7450 swing high to the $2.2310 low. A clear move above this resistance might send the price toward the $2.550 resistance, with potential for further gains toward $2.620 or even $2.650 in the near term.Market AnalysisThe broader cryptocurrency market provides context for XRP’s movement. The global crypto market is experiencing a general decline, with total market capitalization dropping to $2.99 trillion, representing a 5.06% decrease in just 24 hours. Bitcoin is trading at $92,017, down by 3.87%, while Ethereum has seen an even steeper decline of 8.28%, bringing its price to $2,505.Should XRP fail to clear the $2.3250 resistance zone, another decline could be imminent. Initial support on the downside is near the $2.250 level, with the next major support positioned around $2.220. A downside break below this level could trigger further decline toward the $2.120 support, with the $2.050 zone representing another significant support area.Despite these bearish signals, some analysts see potential for a short-term relief rally. Josh of Crypto World noted that XRP has recently confirmed an oversold signal on the RSI for the first time in a while. Historically, when the RSI has approached oversold conditions, XRP has seen local lows followed by some short-term relief. While this doesn’t necessarily signal the end of the bearish trend, it suggests the possibility of a brief relief rally or a pause in selling pressure over the next 1-2 days.The price of XRP continues to face resistance in the $2.65 to $2.80 range, an area that has proven challenging for the cryptocurrency to breach. With the recent break below the $2.50 support level, which had previously acted as short-term support, market participants are now closely watching the $2.25 to $2.30 range as the next key support level.XRP’s movement is currently characterized by sideways price action within a defined range. The price continues to bounce between support and resistance levels, a pattern that could persist in the short term. If the price approaches the support again, there’s potential for a bounce back toward resistance.For traders considering entry or exit positions, the major support levels to watch are $2.220 and $2.120, while key resistance levels stand at $2.40 and $2.4880. The next major hurdle for bulls might be at $2.750, though reaching this level would require overcoming multiple resistance points along the way.The recent price action has formed a low at $2.2310, and the cryptocurrency is now attempting to recover toward the 23.6% Fibonacci retracement level of the downward wave from the $2.7450 swing high to the $2.2310 low. This recovery attempt, however, faces substantial headwinds given the overall market sentiment.Market participants should remain cautious about XRP’s price movement in the coming days. While oversold conditions might trigger a short-term relief rally, the broader trend remains bearish. The cryptocurrency’s ability to reclaim the $2.50 level will be crucial for any sustainable recovery.The price formation suggests that XRP’s next move will likely be determined by its ability to either break above immediate resistance or fall below current support levels. Given the broader market conditions and technical indicators, traders are advised to watch for confirmation of either scenario before making decisions.As of the most recent data, XRP is trading at $2.15, down 12.77% and currently listed as a top loser in the cryptocurrency market. This latest decline further confirms the bearish pressure on the digital asset as it continues to search for stable support.The post XRP (XRP) Price: Technical Indicators Point to Continued Bearish Pressure Below $2.50 appeared first on Blockonomi.