XRP Struggles Amid Bearish Pressure, Analysts Warn of Further Declines
XRP has once again faced a significant downturn, extending its losses and trading below the crucial $1.340 mark. The digital asset is currently consolidating these losses, grappling with immediate resistance levels around $1.3420 and $1.3440, as bears appear to be setting the stage for a deeper correction.
Price Dips and Key Levels to Watch
The recent decline saw XRP fail to sustain its position above $1.350, mirroring the underperformance observed in major cryptocurrencies like Bitcoin and Ethereum. The price broke below a critical rising channel with support at $1.3450 on the hourly XRP/USD chart, indicating strong bearish momentum. Following this breach, losses intensified, pushing the price below $1.40 to establish a new low at $1.320. Currently, XRP is trading beneath $1.340 and its 100-hourly Simple Moving Average. For any upward movement, XRP must overcome immediate resistance near $1.3420, followed by significant hurdles at $1.3480 (50% Fib retracement) and a formidable $1.3620. A decisive close above $1.3620 could potentially ignite a rally toward $1.3750, $1.380, and possibly $1.3880, aiming for the $1.40 resistance.
Potential for Further Downside
Should XRP fail to breach the $1.3480 resistance zone, a fresh wave of declines could ensue. Key initial support for the asset rests around the $1.320 level, with the next major support zone at $1.30. A sustained break below $1.30 would be a bearish signal, potentially driving the price further down towards $1.2880. If this level is also breached, the next significant support lies at $1.2750, below which XRP could continue its descent to $1.250. Technical indicators reinforce this cautious outlook; the hourly MACD for XRP/USD is gaining momentum in the bearish territory, while the Hourly Relative Strength Index (RSI) remains below the 50 level, suggesting prevailing selling pressure.
