As the cryptocurrency market faces turbulence, XRP is currently trading at $2.19, showing alarming weakness as it hovers dangerously close to the pivotal $2.00 mark. Earlier in the week, XRP experienced a drop to $2, and while today's slight uptick might provide temporary relief, the overall outlook remains grim.

The daily chart indicates an ongoing descent within a bearish channel characterized by lower highs and lower lows, underscoring a persistent downtrend. The recent rejection from the critical 26 and 50 EMA zones, which lie around $2.35-$2.41, has obliterated any short-lived bullish sentiment. As XRP inches closer to the 200 EMA, currently at $1.94 and serving as crucial support in recent months, traders are on high alert. Should XRP lose this support level, it could trigger a significant downward correction toward the $1.75 region.

Despite erasing all gains from Q1 2025, there remains a flicker of hope for a bullish reversal if XRP can maintain above $2.00 in the coming sessions and generate buying momentum. The Relative Strength Index (RSI) currently sits at 43, nearing oversold territory, hinting at a potential rebound—provided there is an influx of volume, which has been lacking during this decline. The ability of XRP to hold the $2.20 level as both technical and psychological support will be crucial for its near-term future. A breach below this level could trigger panic selling and test long-term support zones.

Meanwhile, Shiba Inu has taken a hit, losing nearly 10% of its value and falling back to pre-rally levels. Currently trading at $0.00001273, this decline has completely erased recent breakout gains, confirming the surge to be a classic fakeout. SHIB had recently shown promise after breaking through the 50 EMA and resistance at $0.00001400, raising hopes for a move towards the 100 EMA at $0.00001640. However, the momentum fizzled out, leading to a decline that has since eroded short-term gains.

A significant challenge for Shiba Inu is its inability to sustain trading volume. Although there was an initial spike in interest, demand quickly waned, resulting in stable volume that undermines bullish potential. Currently, SHIB is hovering above a support zone between $0.00001270 and $0.00001300, with the critical level around $0.00001200—previously an accumulation zone in March—on the verge of being tested.

In terms of Bitcoin, the largest cryptocurrency is trading at approximately $83,358, precariously close to the crucial $80,000 threshold. Signs of weakness are prevalent as Bitcoin fell beneath the rising trendline that had previously supported its recent ascent. The 100 EMA is now acting as a barrier near $88,000, and Bitcoin's inability to stay above this level has raised concerns among bulls. A fall below $80,000 could entirely invalidate the recent bullish structure, raising alarms in the market.

Supporting this bearish outlook is the volume profile, which highlights a lack of buying interest at current price levels, despite some sporadic green candles. The momentum is leaning to the downside, confirmed by an RSI reading of 44.17, indicating further downside potential without being fully oversold. Should Bitcoin drop below $80,000, support levels at $76,000 and $72,000 will be critical, both of which are key accumulation points from previous corrections.

A deeper descent towards the $68,000 region, where the long-term 200 EMA resides, may be likely if these levels fail to hold. Conversely, a rally back to $90,000 is still within reach if bulls can regain control and push prices above $85,000. However, current indicators suggest continued bearish pressure, leaving traders anxious about what lies ahead in the tumultuous crypto landscape.