XRP Price Sinks Below $1.50, Bears Take Aim at Further Declines
The cryptocurrency XRP has recently experienced significant losses, breaking below the crucial $1.50 support level. Despite efforts to consolidate, the digital asset now confronts formidable resistance, signaling potential further dips as bearish sentiment strengthens.
XRP's Renewed Downturn and Consolidation Efforts
XRP's price trajectory has taken a definitive bearish turn, extending its decline below $1.50 after failing to maintain ground above $1.5320. Mirroring the broader market's sentiment, seen in assets like Bitcoin and Ethereum, XRP plummeted into a short-term bearish zone, even touching lows around $1.4330. The asset is currently attempting to consolidate these losses, but it remains under pressure, trading beneath both the psychological $1.50 mark and the 100-hourly Simple Moving Average, indicating persistent weakness.
Navigating Resistance and Potential Recovery Paths
Key resistance points are now firmly established at $1.5320 and along a bearish trend line forming near $1.5850 on the hourly chart. Should XRP manage a fresh recovery, it would first need to overcome immediate resistance at the $1.480 level, followed by the significant hurdle at $1.5320, which aligns with the 50% Fibonacci retracement level of its recent downward move from a $1.6322 swing high to the $1.4330 low. A sustained break above the $1.60 resistance could pave the way for a rally towards $1.620 and potentially $1.650, with the next major bull target positioned at $1.70.
Downside Risks and Technical Indicators
However, if XRP fails to decisively clear the $1.5320 resistance zone, another significant decline could ensue. Initial downside support rests near the $1.4320 level, with a critical support at $1.4250. A breach and close below this latter point could see the price drop further towards $1.412, and potentially down to $1.450 if the $1.4650 support zone fails to hold. Technical indicators currently reinforce this bearish outlook: the hourly MACD for the XRP/USD pair is gaining bearish momentum, and the hourly Relative Strength Index (RSI) is trading below the 50 level, highlighting the prevailing downward pressure.
