XRP Falls Below Key Support Amid Broader Crypto Weakness and Oversold RSI
XRP has moved below key support levels, crossing beneath its 50-day simple moving average (SMA) for three consecutive sessions. The token recently closed as low as $2.78, marking a significant pullback from its August 8 high of $3.38. The sustained bearish momentum has pushed the Relative Strength Index (RSI) below the 30 threshold on the hourly chart, a commonly referenced level that signals oversold conditions and hints at a potential short-term bounce [2]. However, traders remain cautious, as a reversal is not confirmed until follow-through buying is evident and key support levels hold.
The recent breakdown has placed XRP in a technical confluence of Fibonacci retracement levels, raising concerns about a deeper correction. Analysts…
