XRP Navigates Precarious Path as Downside Pressure Mounts
XRP is treading a delicate line in the cryptocurrency market, having recently faltered in its attempt to breach critical resistance levels. Following a significant decline, the digital asset finds itself battling to maintain its current stance amidst persistent bearish threats, with analysts closely watching key price points for signs of either recovery or further descent.
XRP's Struggle Against Key Resistance
The cryptocurrency saw a notable downturn after failing to overcome the $1.4650 mark, initiating a downward correction that pushed its price below the $1.40 threshold. Currently, XRP is trading beneath $1.380 and the crucial 100-hourly Simple Moving Average, signaling a bearish short-term trend. Technical analysis reveals the formation of a declining channel, with immediate resistance pinpointed at $1.3880 on the hourly chart. Despite a dip to the 50% Fibonacci retracement level of a previous upward move, bulls are actively attempting to defend the $1.340 zone, indicating a fierce battle for market control.
Outlook: Potential Recovery or Further Decline?
For XRP to regain upward momentum, it must successfully surmount the resistance at $1.3880 and subsequently break past the $1.40 level. A decisive move above $1.420 could potentially propel the price towards the $1.450 and even $1.4820 resistance zones, with the next major hurdle for buyers lying near $1.50. Conversely, a failure to clear the $1.40 resistance could trigger another wave of declines. Initial downside support rests at $1.340, followed by the psychological $1.30 level. A more significant support lies near $1.2920, which corresponds to the 61.8% Fibonacci retracement level of the recent swing. Should this level buckle, XRP's price could plunge further towards $1.2650, with extended losses potentially leading to $1.250 and even $1.2250. Technical indicators, including the Hourly MACD, are currently showing bearish momentum, with the Hourly RSI hovering below the 50 level, reinforcing the prevailing downside sentiment.
