XRP Plunges Further: Bulls Brace for Critical Support Tests
XRP has experienced a significant downturn, extending its losses below the crucial $1.380 mark. The cryptocurrency is currently consolidating after a sharp decline, facing immediate resistance as it attempts to recover from a bearish trend that has challenged investor patience.
A Steep Descent for XRP
Following broader market trends seen in Bitcoin and Ethereum, XRP failed to maintain its position above $1.40, initiating a fresh decline that pushed its value below $1.3880 and then $1.3840. This downturn established a short-term bearish zone, with prices even dropping below $1.350 to form a low at $1.3460. Despite a minor rebound testing the 50% Fibonacci retracement level, XRP continues to trade beneath $1.380 and its 100-hourly Simple Moving Average, underscoring persistent selling pressure. A bearish trend line at $1.3840 on the hourly chart represents a significant hurdle for any upward movement. Should a recovery gather momentum, XRP might encounter resistance near $1.3830 and the 61.8% Fib retracement level, with major resistance targets at $1.3920 and a pivotal $1.40. A sustained break above $1.40 could pave the way for moves towards $1.420, $1.4250, and potentially $1.450.
Looming Threat of Further Declines
The immediate outlook for XRP remains precarious. A failure to overcome the $1.3840 resistance zone could trigger another wave of declines. Initial support levels are identified around $1.3680, followed by a more critical support at $1.3620. A decisive break below the $1.350 level could see XRP extend its fall towards $1.3450, with further downside potential to $1.3320 and even $1.320. Technical indicators reinforce the bearish sentiment; the Hourly Moving Average Convergence Divergence (MACD) for XRP/USD is gaining momentum in the bearish territory, while the Hourly Relative Strength Index (RSI) remains below the 50-level, suggesting a lack of strong buying interest. Traders should closely monitor the major support levels at $1.3500 and $1.3450, as well as resistance levels at $1.3840 and $1.4000, for signs of market direction.
