XRP Price Cracks $1.50 Support, Bears Eye Lower Targets Next

Overview

XRP has recently experienced a significant decline, trading below the $1.50 mark. This downward movement has raised concerns among traders, as the cryptocurrency faces multiple resistance levels that could hinder any potential recovery.

Recent Price Movements

XRP’s price extended its losses, dropping below the critical support level of $1.50. Following this decline, the price has been consolidating its losses but continues to encounter resistance at levels around $1.5320 and $1.550. The cryptocurrency had initially started another decline, moving below the $1.5250 zone and failing to maintain its position above $1.5320, entering a short-term bearish zone.

The price has dipped further, reaching below $1.4850, with a low formed at $1.4330. Currently, it is consolidating losses while trading below both the $1.50 support and the 100-hourly Simple Moving Average. A key bearish trend line is forming, indicating resistance at $1.5850 on the hourly chart for the XRP/USD pair. The ongoing trend suggests that the pair could continue to decline if it remains below the $1.60 threshold.

In recent trading sessions, XRP’s price has struggled to recover, particularly failing to surpass the 23.6% Fibonacci retracement level of the downward move from the $1.6322 swing high to the $1.4330 low. If the price attempts a recovery, it may encounter resistance near the $1.480 level. The primary resistance stands at the $1.5320 mark or the 50% Fibonacci retracement level of the same downward move.

Should XRP manage to close above $1.5320, it could potentially rise towards the $1.5850 resistance. However, significant hurdles remain at $1.60 and beyond, with a clear move above this level possibly leading to targets around $1.620 and $1.650. The next major resistance for bulls is identified near the $1.70 level.

From author

The current bearish trend in XRP’s price highlights the challenges it faces in maintaining upward momentum. The resistance levels identified indicate a struggle for the cryptocurrency, which is compounded by its recent inability to hold above critical support zones. Traders should remain cautious, particularly given the broader market context affecting major cryptocurrencies like Bitcoin and Ethereum.

Impact on the crypto market

• XRP’s decline below $1.50 could signal bearish sentiment among traders, potentially influencing market behavior.
• Resistance levels at $1.5320 and $1.550 may deter any short-term recovery efforts, affecting trader confidence.
• The formation of a bearish trend line suggests that downward pressure may persist if XRP does not reclaim key levels.
• Broader implications for the crypto market may arise if XRP continues to decline, as it often correlates with movements in other cryptocurrencies.
• The ongoing bearish indicators may lead traders to reassess their positions and strategies, impacting overall trading volume and market dynamics.