XRP Faces Mounting Bearish Pressure as Key Support Levels Crumble
Ripple's XRP has continued its downward trajectory, extending losses below the critical $1.350 mark. While the cryptocurrency attempts to consolidate recent declines, it currently encounters significant resistance hurdles at $1.3650 and $1.3760, signaling a strengthening bearish sentiment in the market. The price is now trading below $1.350 and the 100-hourly Simple Moving Average.
Price Plunge and Immediate Hurdles
XRP's price struggled to maintain ground above $1.3880, mirroring the recent declines seen in major cryptocurrencies like Bitcoin and Ethereum. This failure led to a swift drop below $1.3750 and $1.3650, firmly establishing a short-term bearish zone. The token even breached $1.3450, hitting a low of $1.3275, and is currently consolidating around the 23.6% Fibonacci retracement level of its recent downward move. For any potential recovery, XRP must first overcome immediate resistance at $1.3650, followed by a more substantial challenge at $1.3750, which aligns with the 50% Fib retracement of the move from $1.4244 high to $1.3275 low. Further resistance points are identified at $1.40 and a key bearish trend line at $1.4250 on the hourly chart. The next significant hurdle sits at $1.4450, with potential for gains towards $1.4840 and even $1.50, but only if current resistance is decisively broken.
Looming Downside Risks and Technical Outlook
A failure to breach the $1.3750 resistance zone could trigger another wave of declines for XRP. Key immediate support is found near the $1.3275 level, with the next major floor at $1.3200. A decisive downside break and a close below this $1.3200 level could open the path for a further descent towards $1.3050, and potentially as low as the $1.30 zone and $1.2840.
Technical Indicators
Technical indicators reinforce this bearish outlook:
- Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level, indicating weaker buying momentum.
- Major Support Levels – $1.3275 and $1.3200.
- Major Resistance Levels – $1.3650 and $1.3750.
