XRP Battles Downtrend, Ethereum Plunges Amid Crypto Volatility

XRP Faces Downtrend Challenges with Potential for Short-Term Recovery Amid Market Pressures

The cryptocurrency sector continues to grapple with market volatility, as significant downturns in major assets signal a potential shift in investor sentiment. Recent data shows that selling pressure across major cryptocurrencies like XRP, Ethereum, and Bitcoin has reached levels not seen in months, raising concerns about future price stability. According to a report, the current market sentiment reflects a cautious approach by investors, with many closely monitoring support levels.

XRP's recent drop to $2.24 signals troubling momentum for the asset, leading analysts to suggest the possibility of a sustained downtrend. Historically, the 100 EMA has proven to be more of a transitional point than reliable support, indicating that immediate recovery may be challenging. If the current price range holds, there remains potential for a bounce towards $2.50-$2.55, but a breach above the local resistance of $2.72 is critical for signs of a robust rally. Failure to surpass this level risks deeper consolidation, keeping XRP's future uncertain.

Notably, increased buying pressure could facilitate a swift recovery for XRP, especially given the current oversold conditions indicated by the RSI. However, the looming threat of a drop to $1.79—the 200 EMA—remains if selling pressure continues. This scenario could hinder any potential recovery, maintaining bearish sentiment.

Ethereum's price has plunged significantly, currently sitting at $2,428, marking a 2.53% decline in the past 24 hours amid intense selling pressure not witnessed in 18 months. The spike in trading volume suggests that the selling momentum could persist, putting additional downside pressure on the asset. After breaking important support levels, Ethereum now finds itself battling to maintain positions above $2,400. If unable to hold this level, analysts forecast a potential land towards the $2,200-$2,100 range, and if the situation worsens, a decline below $2,000 could affirm a prolonged downward trend.

The technical outlook for Ethereum appears bearish, with the 200-day EMA providing a significant resistance barrier that the asset has struggled to overcome. Although a marginal recovery may be on the horizon with