XRP's Struggle Continues as Price Teeters Towards $1.50, Bulls Face Uphill Battle
XRP has recently experienced a notable downturn, extending its losses and trading below critical support levels. The cryptocurrency is currently in a consolidation phase, and its near-term price trajectory heavily depends on its ability to overcome significant resistance points, as the bullish momentum appears to be fading.
Sharp Decline and Bearish Indicators
After failing to sustain above the $1.80 threshold, XRP embarked on a fresh decline, mirroring broader market trends seen in assets like Bitcoin and Ethereum. The price slid below $1.720 and $1.650, establishing a short-term bearish zone. This downward movement led to a low of $1.50, with the price now consolidating these losses. Technical analysis indicates that XRP is trading below both the $1.60 mark and the 100-hourly Simple Moving Average. A prominent bearish trend line has also formed on the hourly chart of the XRP/USD pair, with resistance identified at $1.650.
Key Resistance and Downside Risks
The immediate challenge for XRP bulls is to clear the $1.60 resistance zone. The first major hurdle for a potential upward reversal is located near the $1.650 level, where the bearish trend line also intersects. A successful close above $1.650 could propel the price towards $1.720 or the 50% Fibonacci retracement level of its recent downtrend. However, if XRP fails to breach these resistance levels, it faces the risk of further declines. Key support levels to watch on the downside are $1.540 and $1.5150. A decisive break below $1.5150 could see the price continue its descent towards $1.50, with subsequent support at $1.4650 and potentially $1.420. Technical indicators, including the Hourly MACD and Relative Strength Index (RSI), are currently reinforcing a bearish outlook, with the MACD gaining traction in the bearish zone and the RSI remaining below the 50-level.
