XRP extended its decline, falling below $1.350 and is now consolidating its losses. However, it faces resistance near $1.3650 and $1.3760. The price is currently trading below both $1.350 and the 100-hour Simple Moving Average.
After failing to hold above $1.3880, the price dropped below $1.3750 and $1.3650, entering a short-term bearish zone and even falling below $1.3450. A low was established at $1.3275, and the price is now consolidating below the 23.6% Fibonacci retracement level of the recent decline from the $1.4244 high to the $1.3275 low.
For any recovery, initial resistance is near $1.3650. The first major resistance is around $1.3750, which aligns with the 50% Fibonacci retracement level. The key resistance to watch is $1.40. A sustained move above $1.40 could push the price toward $1.4250, where a key bearish trend line is forming on the hourly chart. Further hurdles lie at $1.4450 and $1.4840, with the next major resistance near $1.5150.
On the downside, if XRP fails to overcome the $1.3750 resistance, it could resume its decline. Initial support is at the recent low of $1.3275, followed by $1.3200. A break and close below $1.3200 could lead to further losses toward $1.3050. The next major support is near $1.30, and a drop below that could target $1.2840.
Technical Indicators:
– Hourly MACD: Gaining momentum in the bearish zone.
– Hourly RSI: Currently below the 50 level.
– Major Support Levels: $1.3275 and $1.3200.
– Major Resistance Levels: $1.3650 and $1.3750.
Frequently Asked Questions
Frequently Asked Questions About XRP Testing Key Support Levels
BeginnerLevel Questions
1 What does it mean when we say XRP is testing a key support level
It means the price of XRP is dropping down to a specific price point where in the past it has stopped falling and bounced back up Traders are watching to see if it will hold at that level again or break lower
2 What is a support level in simple terms
Think of a support level as a price floor Its a price point where a lot of buyers have historically stepped in to purchase an asset preventing it from falling further
3 What is bearish pressure
Bearish pressure means there is more selling than buying in the market which pushes the price downward It indicates a negative shortterm sentiment
4 Why should I care about XRP testing support
If the support level holds the price might stabilize or rise If it breaks the price could fall significantly further Its a critical moment that can signal the next major price direction
5 Is this a good time to buy XRP
It depends on your strategy and risk tolerance Some traders see a strong support test as a potential buying opportunity but its risky if the level breaks Never invest more than you can afford to lose
Intermediate Advanced Questions
6 How are these key support levels determined
They are typically identified using technical analysis by looking at historical price charts for areas where the price has reversed multiple times Common tools include horizontal lines at past lows moving averages or Fibonacci retracement levels
7 What happens if XRP breaks below this key support
A decisive break below a major support level often triggers more selling as stoploss orders are hit and traders exit positions The old support level can then become a new resistance level and the price may seek a lower support level to stabilize
8 What factors are creating the current bearish pressure on XRP
Pressure can come from a combination of factors negative broader crypto market sentiment regulatory uncertainty negative news specific to Ripple large holders selling or a general shift in investor risk appetite
9 Can external news override a technical support level
Absolutely