Will XRP Decline to $1.20? Analyzing Key Support Levels Under Bearish Pressure
XRP is experiencing persistent bearish pressure, indicating possible declines to critical support levels.
XRP continues to face strong bearish trends affecting both its USDT and BTC pairs, characterized by a series of lower highs and lows. While there have been temporary rebounds from support levels, the overall market sentiment is leaning towards sellers, particularly with the price consistently staying beneath critical moving averages and within a downward trajectory.
XRP/USDT Market Overview
On the XRP/USDT chart, the price operates inside a clearly defined descending channel, continually failing to overcome dynamic resistance from the middle of the channel as well as the upper trendline combined with the 100-day and 200-day moving averages. A recent attempt to rebound from the $1.20 support zone could not breach the $1.80 supply area, solidifying the bearish outlook and confirming that such upward movements are merely corrective.
The Relative Strength Index (RSI) remains below the neutral 50 mark and shows a weak trend, signaling insufficient bullish momentum. As long as XRP stays below the mid-channel resistance as well as the 100-day and 200-day moving averages, which are positioned near $1.90 and $2.30 respectively, the potential risks towards the lower boundary of the channel heighten, with the $1.20 zone serving as a critical support level.
XRP USDT Analysis
BTC Pair Evaluation
In terms of the BTC pair, XRP is exhibiting similar weaknesses, trading below both the 100-day and 200-day moving averages, which are situated just above the 2,200 sats level. This comes after a failure to maintain previous breakout gains. The dip from the 2,200-2,400 sats resistance area supports the idea that sellers are aggressively protecting higher price points, with the price narrowing down near a vital horizontal support area at 2,000 sats.
The momentum in the XRP/BTC pair appears to be neutral to bearish as well, with the RSI having difficulty staying above 50. A decline below the current support could lead to further underperformance, while successfully reclaiming the moving average cluster would be the initial indication that XRP is starting to regain strength against BTC.
