XRP has been trading within a tight price range since early February, with resistance seen at $2.76 and support found at $2.30. However, recent technical indicators suggest a shift in momentum towards bearish territory, potentially leading to a price breakdown.

The XRP/USD one-day chart analysis by BeInCrypto reveals a consistent fluctuation between $2.30 and $2.76. This sideways movement typically signifies a balance between buying and selling pressure, maintaining the price within a set range.

Despite this, a growing pessimistic sentiment surrounding XRP indicates the possibility of breaking below the $2.30 support level soon. The Chaikin Money Flow indicator for XRP shows declining capital inflow, hinting at a prevailing selling pressure trend. This suggests that traders are more inclined to sell XRP rather than accumulate it, increasing the likelihood of a bearish breakout once the consolidation phase concludes.

Furthermore, XRP is currently trading below its 20-day exponential moving average, reinforcing the uptick in sell-offs within the market. A breach of the $2.30 support could lead to a further decline in XRP's value, potentially targeting levels as low as $1.48.

However, a strong resurgence in demand for XRP could disrupt this bearish scenario, driving the price above the $2.76 resistance level and potentially aiming for its all-time high of $3.41.