XRP Faces Renewed Pressure as Price Dips Below Key Levels
XRP has recently shown vulnerability in its price action, failing to maintain crucial levels and initiating a notable decline. Following a struggle to surpass the $1.950 mark, the digital asset has entered a corrective phase, raising concerns among investors about its ability to hold above key support thresholds.
Current Market Downturn and Technical Breaches
The XRP price embarked on a significant downside correction, dropping below $1.90 and subsequently trading beneath the $1.890 level and the 100-hourly Simple Moving Average. This downturn mirrors similar movements seen in other major cryptocurrencies like Bitcoin and Ethereum. A critical development was the breach of a key bullish trend line, which previously offered support around $1.910 on the XRP/USD hourly chart. Furthermore, the price dipped below the 50% Fibonacci retracement level of a recent upward swing, indicating a shift into a more bearish sentiment.
Critical Support and Resistance Levels
For XRP to regain upward momentum, it must successfully navigate several resistance points. Immediate resistance is anticipated near $1.90, with the first major hurdle at $1.9250. Overcoming these levels could propel the price towards testing $1.950, and a decisive break above this could potentially lead to the $2.00 and even $2.050 marks. Conversely, a failure to clear the $1.9250 resistance zone could trigger further losses. Initial downside support lies around $1.860, coinciding with the 61.8% Fibonacci retracement level. A breach below $1.8420 could see the price slide towards $1.820, with the $1.80 zone and potentially $1.7650 acting as subsequent major supports. Technical indicators, including the Hourly MACD and RSI, reinforce this bearish outlook, with MACD gaining pace in the bearish zone and RSI falling below the 50 level, signaling a weakening in buying pressure.
