XRP faced a challenging period, retracting significant gains after a notable rally. Having failed to surpass the $1.680 mark, the digital asset initiated a corrective decline and is now consolidating, potentially struggling to maintain its position above $1.450 amidst cooling market momentum.
XRP's Recent Price Action and Bearish Turn
Following an impressive upward surge, XRP's price was unable to sustain momentum above the $1.620 threshold, initiating a downside correction mirroring trends seen in Bitcoin and Ethereum. The cryptocurrency dipped sharply, falling below crucial support levels at $1.60 and $1.550, signaling a shift into a more bearish territory. This correction also saw XRP slide past the 61.8% Fibonacci retracement level of its previous rally, which stretched from a $1.3475 low to a $1.6713 high. Critically, a key bullish trend line, offering support at $1.4880 on the hourly chart, was also breached, further solidifying the bearish sentiment.
Outlook: Potential Rebound or Further Decline?
Currently, XRP is attempting to stabilize, trading above the $1.450 level and the 100-hourly Simple Moving Average. For a renewed upward trajectory, bulls must firmly hold the $1.440 zone. Should an fresh ascent materialize, initial resistance is anticipated around $1.50, with the first major hurdle at $1.510. A decisive breach above this level could propel XRP towards $1.5450, and potentially further gains targeting $1.580, $1.620, and even $1.640 as subsequent major resistance points. However, the path forward remains precarious. A failure to overcome the $1.510 resistance zone could trigger another decline. Immediate downside support is located near $1.440, followed by a more significant support at $1.4240, which aligns with the 76.4% Fib retracement level. A sustained break below $1.4240 could see XRP's price extend its fall towards $1.40, with further downside potential towards $1.360 and $1.340.
Key Technical Indicators
- Hourly MACD: Currently gaining bearish momentum, indicating selling pressure.
- Hourly RSI (Relative Strength Index): Positioned below the 50 level, suggesting a weakening of bullish sentiment. Major Support Levels: $1.440 and $1.4240. Major Resistance Levels: $1.50 and $1.510.
