XRP/MXN Plunges on Bearish Breakout, Hitting 24.0 After Oversold Dip

Summary
• Price declined from 26.425 to 24.0, forming bearish engulfing patterns and testing key support levels.
• Volume spiked during sharp drops, confirming bearish momentum but showing limited follow-through.
• RSI reached oversold territory, suggesting potential short-term bounce, though trend remains down.
• Bollinger Bands show narrowing pre-breakout volatility, with price closing near lower band.
• 50-period moving average on 5-min chart confirmed downward bias during key selling sessions.

24-Hour Snapshot

At 12:00 ET on 2026-02-07, XRP/Mexican Peso (XRPMXN) opened at 26.425, reached a high of 26.425, and closed at 24.0 after hitting a low of 24.0. Total volume was 6,495.6 units, and notional turnover was 158,541.12 MXN.

Structure & Moving Averages

The price action formed a bearish continuation pattern, with key bearish engulfing and inside bars evident after 17:45 ET. The 50-period moving average on the 5-min chart confirmed the downward shift in sentiment as price broke below critical support levels. The daily 200SMA appears to act as a resistance ahead at ~25.7.

Momentum & Volatility

Momentum, as reflected by MACD, showed a bearish crossover with negative histogram expansion during the 18:15–20:30 ET window. RSI dived into oversold territory near 28, hinting at potential short-term buying interest, though the overall bearish trend remains intact. Bollinger Bands displayed a tightening range before the sharp 24.0 break, suggesting a possible continuation in the near term.

Volume & Turnover Analysis

Volume surged during sharp declines, particularly in the 18:15–19:15 ET and 06:30–07:30 ET windows, confirming bearish conviction. However, turnover failed to rise proportionally during these periods, signaling possible distribution or thin order books. Divergence between volume and price suggests a need for confirmation before further downside.

Fibonacci Retracements

Recent 5-min swings show price finding support at the 61.8% Fibonacci level (24.2–24.4), now acting as a critical short-term floor. On the daily chart, the 38.2% retracement at ~25.1 aligns with the 50SMA, offering a near-term pivot.

The market appears to favor continuation of the bearish trend, with potential for a bounce toward 24.6–24.8 before renewed selling pressure. Investors should watch for a sustained break above 25.5 as a potential reversal signal. Volatility could increase if key support levels fail to hold.