XRP shows signs of bottoming despite downward pressure, says outlet

While Ripple (XRP) continues to face downward pressure, it is showing signs of forming a bottom around the $1.1 mark, U.Today reported. The media outlet noted that XRP has been in a steady downtrend after breaking key support following months of consolidation. It lost the crucial $1.28 support level on the daily chart and fell as low as $1.05 without a significant rebound. Furthermore, XRP is trading below its 50, 100, and 200-day moving averages, which now act as firm resistance. However, a notable increase in trading volume during the recent plunge suggests that the market may have absorbed much of the selling pressure. With panic selling easing and the Relative Strength Index (RSI) moving out of oversold territory to attempt a rebound, the downward momentum appears to be weakening. If XRP can reclaim the $1.2 level, a rally toward $1.28 could follow. Conversely, a failure to do so could lead to a retest of recent lows, the analysis concluded.