XRP has experienced an 8.5% decrease in value over the past week and has been trading below $2.50 for the last four days. Concerns about potential price manipulation have arisen following the introduction of CME XRP futures, similar to what was observed after the launch of Bitcoin and Ethereum futures. Various technical indicators, such as the RSI, Ichimoku Cloud, and EMA lines, are indicating a weakening momentum. While some believe XRP could rise if it surpasses certain resistance levels, the current short-term outlook remains pessimistic.

The introduction of XRP futures on the CME has raised worries about the potential for manipulating prices through tactics like naked shorting and rehypothecation. Similar futures launches for other cryptocurrencies led to significant price declines, prompting fears that XRP may follow suit, especially around expiration dates when large investors often exert influence on prices. Despite these concerns, some view XRP futures as a step towards broader institutional adoption and a potential spot ETF.

The Relative Strength Index (RSI) for XRP currently stands at 42, indicating neither overbought nor oversold conditions. However, the recent dip from 52 suggests a potential weakening momentum or early signs of bearish pressure. Similarly, the Ichimoku Cloud chart signals a bearish shift in momentum as XRP struggles to break key resistance levels. Traders are also monitoring the EMA lines convergence, which could lead to a bearish trend confirmation and a possible test of the support level at $2.30 if a death cross formation occurs.

In the event of a breakdown below $2.30, XRP may face further declines towards $2.158 or even $2.07 with strong downward momentum. Conversely, breaking above key resistance levels could improve the technical outlook and potentially trigger a rally towards $2.65, representing an increase of about 14%.