XRP Plunges Below $1.4 Again...Fear of $1.32 Spreads Amid Exploding Selling Pressure

▲ Photo: XRP

XRP failed in its attempt to rise and was pushed back to the box support line. XRP fell below $1.40, entering a short-term bearish zone, and selling pressure increased as it also fell below the 100-hour simple moving average.

According to NewsBTC, a cryptocurrency media outlet, on May 8, XRP extended its decline after failing to hold above $1.4120. The price fell below $1.4050 and $1.40, then surrendered to $1.3880, showing a short-term bearish trend.

XRP formed a low at $1.3800 and then showed a trend of consolidating losses. It moved below the 23.6% Fibonacci retracement level of the decline from the high of $1.4570 to the low of $1.3800, and a bearish trend line with resistance at $1.3920 was formed on the XRP/USD hourly chart based on Kraken data.

To rebound, recovering $1.3920 is the first hurdle. The first major resistance level is $1.40, and the key resistance level is set at $1.4095. If XRP forms a closing price above $1.4095, it could rebound to $1.4180 or the 50% Fibonacci retracement level of the decline from the high of $1.4570 to the low of $1.3800.

Upward resistance continues. The next resistance level is at $1.4250, and if it clearly surpasses this level, it can attempt to recover to the $1.450 resistance level. In case of further rise, $1.4650 was mentioned as the next resistance level.

A bearish scenario is also clear. If XRP fails to overcome the $1.40 resistance zone, it could fall again. The initial support level is $1.380, and the next major support level is $1.3680. If it breaks below $1.3680 and the closing price also collapses, the possibility of a further decline towards $1.350 increases. The subsequent major support level is $1.3320, and if even this level breaks, it could fall to $1.320.

Technical indicators also weighed on the bearish side. The hourly Moving Average Convergence Divergence (MACD) accelerated in the bearish zone, and the hourly Relative Strength Index (RSI) fell below 50. NewsBTC suggested key support levels at $1.3800 and $1.3680, and key resistance levels at $1.3920 and $1.4000.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*