XRP Loses Ascending Momentum... $1.4 Support Level Threatened

▲ XRP/AI-generated image

XRP has lost its short-term upward momentum and turned to a downward trend after repeatedly failing to break through the strong resistance level around $1.45.

According to crypto media outlet NewsBTC on April 28 (local time), XRP recently formed a high of $1.4471, then fell below the 100-hour simple moving average due to strong selling pressure. Unlike the robust performance of Bitcoin (BTC) and Ethereum (ETH), XRP has shown relatively sluggish results, entering a short-term bearish zone. Market analysts diagnosed that XRP's upward trend line, which was formed around $1.43, was broken downwards, causing the upward momentum to shift rapidly to the selling side.

Technical indicators point to the possibility of further declines for XRP. Currently, XRP is trading below $1.4120 and the 100-hour simple moving average, facing resistance around $1.4010, which is the 23.6% Fibonacci retracement level of the downward wave. The Moving Average Convergence Divergence (MACD) is increasing its downward strength in the bearish zone, and the Relative Strength Index (RSI) has fallen below 50, indicating a cooling of investor sentiment. Experts predict that if XRP fails to break through the primary major resistance level of $1.4150 with accompanying trading volume, support line tests will be repeated.

The primary downside support level is formed at the $1.4 line, with the recent short-term low of $1.3835 being considered the next support area. If selling pressure intensifies and the $1.3835 line is breached, there is a risk of the price rapidly retreating to $1.35 or the 61.8% Fibonacci retracement level. On-chain data analysis also shows that some whales are liquidating their holdings at the current price level, which further exacerbates the downward pressure.

For an upward reversal, XRP must first break through the resistance walls at $1.4150 and $1.4250, respectively. Especially, $1.4250 is considered a crucial watershed for stopping the recent decline and reversing the trend. Only by successfully stabilizing above this zone can XRP get an opportunity to retest $1.4450 and the psychological key level of $1.45. However, the current market structure shows that sellers are forming thick selling walls at each upper resistance level, making a breakthrough difficult.

As liquidity in the overall virtual asset market concentrates on major assets, XRP's position is narrowing. Investors express concern about the lack of real price appreciation momentum even after Ripple secured legal clarity, maintaining a cautious stance. XRP is currently fighting for survival between the downward resistance line and major support lines, and the release of macroeconomic indicators, which will continue until early May, is expected to be a decisive catalyst for future price movements.

*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.*