XRP Faces Downside Risks as Price Dips Below $2 Amid Ongoing Correction

The recent price action for XRP shows signs of weakening as bearish pressures persist. Since starting its correction on May 12, XRP has been unable to sustain higher levels, consistently making lower highs on the daily chart and moving away from its peak of $2.65 in May. This decline follows a rally from $1.80 in April, but the uptrend has now been overtaken by a series of red candles, indicating potential further losses. Technical analysis indicates the possibility of XRP dropping below $2 in the near future, heading toward the April lows. Analyst MasterAnanda highlights that XRP has broken down from a rising channel, closing three consecutive days below the lower trendline, reinforcing the bearish outlook. While XRP remains above $2, trading below $2.30 increases the risk of a sharper decline, with a significant support level near $1.75. Despite short-term bearish signals, long-term prospects for XRP remain bullish according to some analysts, although the current correction could accelerate, potentially retesting lower levels such as $1.70 to $1.80. Currently, XRP trades at approximately $2.13, down nearly 4% in the past 24 hours and about 9% over the past week.