XRP Plummets Below $1.80: Can it Withstand the Bearish Pressure?
XRP has recently faced a significant downturn, extending its losses and trading decisively below the $1.80 mark. The cryptocurrency is now in a period of consolidation, yet analysts warn of further declines if it fails to reclaim key resistance levels, particularly $1.8250. This recent price action has pushed XRP into a short-term bearish zone, mirroring broader market trends seen in other major cryptocurrencies like Bitcoin and Ethereum.
The Intensifying Downward Spiral
The XRP price initiated a fresh decline after failing to sustain its position above $1.90. This rapid descent saw it breach critical support levels at $1.850 and $1.8250, bottoming out at $1.710. While a minor recovery push above $1.740 was observed, the token continues to trade below both the $1.80 threshold and the 100-hourly Simple Moving Average, signaling persistent bearish momentum. A notable bearish trend line is also forming on the hourly chart, with strong resistance identified around $1.8050. Technical indicators further underscore this bearish sentiment: the Hourly MACD for XRP/USD is gaining pace in negative territory, and the Hourly Relative Strength Index (RSI) remains below the 50 level.
Critical Juncture: Recovery or Further Descent?
For XRP to mount a recovery, it needs to break above the $1.80 resistance zone. A successful close above this level could propel the price towards $1.8250 or even the 50% Fibonacci retracement level of its recent downward move. Subsequent hurdles are anticipated at $1.850, $1.880, and potentially $1.920, with a major challenge for bulls residing near $1.950. Conversely, if XRP fails to overcome the $1.80 resistance, a renewed downturn is highly probable. Immediate support levels lie at $1.740 and $1.720. A sustained break below $1.720 could open the door for a drop towards $1.70, with further significant support near $1.6720, below which the price could target $1.650. Investors are advised to conduct thorough research before making any investment decisions, as cryptocurrency markets are inherently volatile.
