XRP could retest lower support zones as market bleeds: check forecast

The cryptocurrency market had a negative weekend, with Bitcoin and other major cryptocurrencies currently in the red.

Bitcoin dropped to the $115k region after losing 2% of its value, while Ether is trading around $4,200 after failing to make a new all-time high last week.

Ripple’s XRP has dropped to $2.96, failing to hold the $2.99 support over the weekend thanks to the ongoing bearish trend.

If the market conditions persist, XRP could test lower support zones over the coming hours or days, unless buyers step in to push prices higher.

XRP dips despite the XRP Ledger’s recent adoption

XRP is down 4.9% in the last 24 hours, making it the second-worst performer in the top 10 behind Solana’s SOL.

Thanks to this bearish performance, XRP broke below the $2.99 support level and could drop lower in the near term. 

The bearish performance comes despite Wellgistics Health Inc. announcing that it is deploying an XRP Ledger-based payment system for thousands of pharmacies across the United States.

This latest development deepens the company’s bet on blockchain as it looks to overhaul healthcare finance.

According to the Nasdaq-listed company, the new platform enables independent pharmacies to pay for drug inventory and move funds instantly, bypassing banking delays and high credit card fees.

The platform is built on the XRP Ledger (XRPL), an open-source blockchain with core development led by Ripple Labs.

Wellgistics has become one of the first healthcare companies to launch an XRPL payment solution at scale.

The company has a network of over 6,500 pharmacies and 200 manufacturers on its network, making this a massive adoption for the XRP Ledger. 

However, this adoption news wasn’t enough to spur XRP’s price higher as the broader cryptocurrency market currently undergoes a correction. 

XRP could retest the $2.75 support as momentum indicators show signs of weakness

The XRP/USD 4-hour chart remains bullish despite XRP’s recent bearish trend.

This shows that the long-term outlook is bullish despite the recent bearish performance on the lower timeframe. 

Last week, XRP faced a rejection around the $3.40 resistance level and declined by nearly 5% on Sunday.

The bearish performance saw it break the $2.99 key support level and could be heading lower in the near term. 

With XRP breaking below the $2.99 support, it could extend the decline toward its next support level at $2.72, which is also its next 4-hour TLQ level. 

Similar to Bitcoin and Ether, XRP’s momentum indicators, RSI and MACD, also support the bearish thesis.

The RSI of 42 shows that XRP is heading into the oversold region if the bearish trend continues.

The MACD lines are also within the negative zone, suggesting a bearish trend. 

However, if buyers regain control of the market, XRP could regain the $3 resistance level and extend its recovery toward its daily level at $3.40.

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