XRP’s price has started to drop below the $1.350 level and is showing bearish signs, with a potential further decline below $1.3120. After failing to hold above $1.350, the price is now trading under $1.340 and below the 100-hourly Simple Moving Average. On the hourly chart of the XRP/USD pair (data from Kraken), a bearish trend line is forming with resistance at $1.3580. If the price stays below $1.3550, it could continue to fall.
XRP Price Dips Below Support
XRP struggled to stay above $1.3650 and began a fresh decline, similar to Bitcoin and Ethereum. It dropped below $1.3550 and $1.3500, then fell under $1.340. This move clearly broke below the 61.8% Fibonacci retracement level of the upward move from the $1.30 swing low to the $1.3740 high. Additionally, a bearish trend line with resistance at $1.3580 is forming on the hourly chart. The price is now below $1.340 and the 100-hourly Simple Moving Average.
If there’s a new upward move, the price may face resistance near $1.3340. The first major resistance is around $1.340, and if it breaks above that, the price could rise to test $1.350. A clear move above $1.350 might push the price toward the $1.3580 resistance and the trend line. Further gains could target $1.3650, with the next major hurdle for buyers near $1.3740.
More Downside?
If XRP fails to break through the $1.340 resistance zone, it could start another decline. Initial support on the downside is near $1.3175, with the next major support around $1.3125 and the 83.2% Fibonacci retracement level of the move from $1.30 to $1.3740. If the price breaks and closes below $1.3125, it might continue falling toward $1.3020. The next key support is near $1.30, and below that, the price could drop further to $1.2920. Additional losses might test $1.2880.
Technical Indicators
– Hourly MACD: The MACD for XRP/USD is gaining momentum in the bearish zone.
– Hourly RSI: The RSI for XRP/USD is now below the 50 level.
Major Support Levels: $1.3175 and $1.3125
Major Resistance Levels: $1.3400 and $1.3580
Frequently Asked Questions
Here is a list of FAQs addressing the current pressure on XRP and the potential for a weekly breakdown written in a natural conversational tone
BeginnerLevel Questions
1 What does XRP is facing renewed pressure mean
It means the price of XRP is going down or struggling to go up because a lot of people are selling There might be bad news negative market trends or uncertainty about the future of the token
2 What is a weekly breakdown
A breakdown is when the price falls below a key support level A weekly breakdown means the price closes below that support on the weekly chart which is a strong signal that the downtrend could continue for a while
3 Why should I care if XRP breaks down
If XRP breaks down on the weekly chart it could mean the price will drop significantly lower in the coming weeks If you own XRP your investment could lose value If youre thinking of buying you might want to wait for a better entry point
4 Is XRP going to zero
Probably not A weekly breakdown is a bearish signal but it doesnt mean the project is dead XRP has survived many downturns before It usually means a period of lower prices not total collapse
5 Is this just about the SEC lawsuit again
Not exactly While the SEC lawsuit with Ripple has been a major factor for years the renewed pressure can come from many things a general crypto market crash bad macroeconomic news or specific selling pressure from large holders
Intermediate Advanced Questions
6 What specific price levels should I watch for a weekly breakdown
Traders are closely watching the 050 and 045 support zones A weekly close below 050 would be the first sign of weakness A close below 045 would confirm a major breakdown potentially opening the door to the 030s
7 What is a death cross and how does it relate to this pressure
A death cross happens when a shortterm moving average crosses below a longterm moving average This is a classic bearish signal