XRP faces critical support test after recent decline
XRP’s price action has taken a bearish turn after failing to break through the $1.550 resistance level. The cryptocurrency, which had shown some upward momentum earlier, now finds itself testing important support zones that could determine its near-term direction.
From what I can see, the failure at $1.550 wasn’t entirely surprising given the broader market conditions. Bitcoin and Ethereum have shown similar patterns recently, with resistance levels holding firm across several major assets. XRP dipped below both $1.50 and $1.480, entering what technical analysts might call a negative zone.
Technical patterns suggest caution
The price has fallen below the 23.6% Fibonacci retracement level from the recent swing low of $1.1356 to the high of $1.5435. There’s also a declining channel forming on the hourly chart, with resistance sitting around $1.430. Right now, XRP trades below $1.420 and the 100-hour simple moving average, which isn’t exactly encouraging for bulls.
If we do see some buying pressure return, the first hurdle would be around $1.430. A break above that might test $1.450, and then perhaps $1.50. But honestly, that $1.50 level looks pretty solid as resistance at the moment. Clearing it would be significant, potentially opening the door to $1.545 and even $1.625. Beyond that, $1.720 stands as another major barrier.
Support levels to watch closely
The more immediate concern, I think, is what happens if XRP can’t reclaim that $1.50 resistance. The initial support sits at $1.340, which aligns with the 50% Fibonacci retracement level of the recent upward move. That’s a pretty important level to hold.
If $1.340 gives way, the next major support is around $1.30. A break and close below that could trigger further declines toward $1.240, then $1.20, and possibly even $1.150. The technical indicators aren’t helping the bullish case either. The hourly MACD shows bearish momentum gaining pace, and the RSI sits below 50, suggesting selling pressure remains.
Market sentiment and what comes next
It’s worth remembering that technical analysis gives us probabilities, not certainties. The $1.340 support level seems crucial right now. If it holds, we might see some consolidation or even a bounce. If it breaks, well, the path lower looks fairly clear.
I’ve noticed that XRP often moves with its own rhythm, influenced by both broader crypto trends and its unique legal and regulatory situation. The current price action reflects a market that’s perhaps a bit uncertain, waiting for clearer signals in either direction.
The major levels to watch remain straightforward: $1.340 and $1.30 for support, $1.430 and $1.50 for resistance. How XRP behaves around these levels in the coming days will likely set the tone for the next significant move.
