XRP Faces Mounting Pressure as Downtrend Deepens
XRP has recently witnessed a significant downturn, extending its losses and trading firmly below the $1.4320 mark. Despite some consolidation, the cryptocurrency is currently battling to overcome crucial resistance levels, with limited signs of immediate relief for investors. The technical landscape suggests further challenges ahead if key price barriers are not breached.
Continued Decline and Key Support Zones
The XRP price failed to maintain momentum above $1.480, initiating a fresh wave of declines that pushed it below $1.4650 and subsequently $1.450. This bearish movement led to a short-term bottom at $1.4102, with the asset now consolidating losses near this level. A minor upward correction towards the 23.6% Fib retracement of the recent swing high ($1.5119) to low ($1.4102) has been observed, yet significant hurdles remain. The price is currently trading beneath the $1.450 threshold and its 100-hourly Simple Moving Average, indicating a persistent bearish sentiment. Key immediate support levels are identified around $1.4165 and $1.410, with a break below these potentially pushing XRP towards $1.40 or even $1.3850.
Major Resistance and Technical Indicators
For any meaningful recovery, XRP must decisively break above the $1.450 resistance, which also aligns with the 50% Fib retracement level. The primary resistance lies at $1.480, where a declining channel on the hourly chart is also present. A successful close above $1.480 could pave the way for a test of $1.50, and further gains might target $1.5250, $1.550, and even $1.5880. However, current technical indicators paint a cautious picture. The Hourly MACD for XRP/USD is gaining momentum in the bearish zone, while the Hourly Relative Strength Index (RSI) is positioned below the 50 level, reinforcing the prevailing downward pressure. A sustained break below the $1.410 support would signal a continuation of the downtrend towards $1.40 and possibly $1.350.
