XRP Battles to Hold $2.50 as Bears Gain Momentum

XRP, the digital asset, is currently grappling with a crucial support level at $2.50, following several unsuccessful attempts to surpass the $2.60 and $2.70 resistance zones. Recent price action indicates escalating bearish pressure, with the cryptocurrency struggling to maintain momentum above key technical levels.

Trading data from Kraken reveals that XRP recently reached a local low at $2.508, suggesting strong selling pressure in the market. This movement occurred after multiple bullish attempts to push the price above $2.75, which were consistently met with resistance from sellers.

The price decline has positioned XRP below both the $2.60 level and the 100-hourly Simple Moving Average, typically considered important technical indicators by traders. This positioning suggests that bears currently control the short-term market direction.

Technical analysis shows a bearish trend line forming on the hourly chart, with resistance established at $2.5650. This trend line has proven to be a significant barrier for any attempted recovery rallies, with sellers consistently entering the market at these levels.

Recent price action indicates that XRP managed a minor recovery above the 23.6% Fibonacci retracement level, calculated from the downward movement that began at $2.7450 and extended to the recent low of $2.508. However, this recovery has been relatively weak, failing to inspire confidence among market participants.

The first major resistance level that bulls need to overcome sits at $2.60. Beyond this, additional resistance can be found at $2.620, which coincides with the 50% Fibonacci retracement level of the recent downward movement.

Market data suggests that if buyers can orchestrate a decisive move above $2.620, the next target would be the $2.650 resistance level. A break above this could potentially open the path toward $2.720 and possibly extend to $2.750 in the near term.

The hourly MACD indicator has been gaining momentum in the bearish zone, suggesting increasing selling pressure. Additionally, the Relative Strength Index (RSI) remains below the 50 level, indicating that bears maintain control of the market momentum.

If the current support at $2.5