XRP's Struggle: Bears Maintain Grip as Key Levels Loom
XRP has been trapped in a persistent downtrend, recently extending its losses to trade significantly below the $1.550 mark. While the digital asset is attempting a modest recovery, it faces formidable resistance from bearish forces, suggesting a challenging path ahead for bulls. The current market sentiment indicates that any upward momentum is likely to be met with strong selling pressure, keeping a new leg lower firmly in sight.
Navigating Key Resistance Levels
Despite a nascent recovery wave initiated from the $1.50 zone, XRP's price remains under pressure, trading below both the $1.620 threshold and the 100-hourly Simple Moving Average. A critical bearish trend line has also emerged on the hourly chart, establishing significant resistance at $1.6150. For a sustained upward movement, XRP must decisively breach the $1.650 level. Should it succeed, the price could target $1.720, aligning with the 50% Fib retracement of its recent decline from the $1.9388 swing high to the $1.50 low. Further hurdles are anticipated at $1.750, $1.780, $1.80, and potentially $1.825 for bulls.
The Threat of Further Decline
The immediate concern for XRP investors is its inability to overcome the $1.650 resistance zone. A failure to clear this level could trigger a renewed downtrend. Initial downside support is identified near $1.5760, followed by a more significant support at $1.550. A decisive break and close below $1.550 could see XRP's price decline further towards $1.5250. The next major support lies in the $1.50 area, beyond which a descent to $1.4650 becomes a distinct possibility. Technical indicators reinforce this cautious outlook; the Hourly MACD for XRP/USD is losing momentum within the bearish zone, and the Hourly Relative Strength Index (RSI) is currently hovering below the 50 level, signaling prevailing bearish sentiment.
