 ▲ XRP |
XRP has failed to reclaim the strong psychological resistance level of $1.40 and has retreated to the key support level of $1.3250, fueling technical fears that a full-fledged downtrend may be underway.
According to cryptocurrency media outlet NewsBTC on February 24 (local time), XRP was unable to break through the $1.45 and $1.42 resistance levels and continued its decline, entering a precarious phase of testing support. XRP is currently trading below the major support level of $1.350 and has even fallen beneath the 100-hour simple moving average, stepping deeper into bearish technical territory. Notably, an evident downward trend line has formed around the $1.4250 level on the hourly chart, adding to selling pressure.
Technical indicators warn that the decline could deepen further. The hourly Moving Average Convergence Divergence (MACD) is gaining strength in bearish territory, while the hourly Relative Strength Index (RSI) remains below the baseline of 50, reflecting a market dominated by sellers. Although some support has formed near $1.3450, the weak rebound lacks sufficient momentum to dispel concerns over further downside.
For a strong rebound, breaking above the $1.3750 resistance zone is an urgent priority. If XRP manages a stable breakout above this level, it could attempt to recover toward $1.40 and $1.4250, eventually paving the way toward the psychological milestone of $1.50. However, if the rebound attempt fails and the price is capped at $1.40, renewed selling pressure could intensify the downward momentum.
If the $1.3275 support level collapses, XRP is likely to test the key floor at $1.3200. Should this area also give way, there remains a risk of a sharp drop past $1.3050 toward the $1.2840 region. Market participants are treating $1.3200 as the final line of defense, closely monitoring price movements while focusing on risk management.
XRP continues to endure strong downward pressure in line with the broader weakness across the digital asset market, including Bitcoin (BTC). Weak rebound attempts lacking trading volume may instead present selling opportunities, making the defense of key support levels a crucial factor in determining the market’s direction over the coming days.
Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses incurred based on this information. The content should be interpreted solely for informational purposes.