$XRP If XRP fails to recover the support near $2.00, the lower boundary of the descending channel could prove crucial to help it initiate a price bounce.

On the upside, XRP has to sustain a firm move above the upper boundary of the descending channel and reclaim the $2.72 level to flip the bearish pressure.

The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) lines declined below their respective moving averages, indicating a potential prolonged increase in the bearish pressure. Meanwhile, the Stochastic Oscillator (Stoch) is in the oversold region, signaling a potential price reversal.

A daily candlestick close below the lower boundary of the descending channel will invalidate the thesis and send XRP toward $1.35