XRP, like much of the cryptocurrency market, experienced a decline in recent trading sessions. This drop was exacerbated by persistent selling pressure hitting major cryptocurrencies like Bitcoin and Ethereum. XRP fell sharply to $1.1401, briefly regaining some ground but still struggling with bearish indicators in the short term.
Can XRP Break Out of Its Current Range?
Currently, XRP is trapped between $1.15 and $1.20. At press time, it stood at $1.22, a slight 1% increase over the last 24 hours. Despite this uptick, the token remains below its 100-hour simple moving average, indicating that its downward trend is still influential.
The hourly technical chart depicts a descending trendline, with immediate resistance noted at $1.1950. Moreover, XRP’s inability to recover the 23.6% Fibonacci retracement level from its recent fall signals a lack of momentum for a quick recovery.
Will XRP Reach $1.32?
For any substantial recovery, XRP needs to achieve a closing price above $1.1950. Doing so might activate resistance zones at $1.20, $1.22, and $1.25. However, the ultimate test lies at the $1.32 level, a key resistance area that could spell a broader reversal for XRP.
Should XRP manage to close above $1.32, it could potentially ascend to $1.43, forecasting a potential 17% increase from its present value. Still, the MACD indicator shows a negative histogram pattern, suggesting bearish momentum is yet to be eradicated fully.
Technical analyst ChartNerd noted on X (formerly Twitter), “XRP has ventured below the upper regression band of the Gaussian Channel at $1.35, which has historically dragged the price toward the middle regression band, now positioned at $0.84.”
Renowned for his accurate technical insights on social media, ChartNerd pointed out that further erosion of support might lead to a steeper decline toward $0.84 by 2026.
If the bearish spiral continues, initial support is observed at $1.16, followed by $1.155. A breach here could refocus attention on $1.15 and $1.144, with $1.14 as the ultimate support level.
The Relative Strength Index (RSI) marks oversold territory for XRP, potentially prompting some short-term buying interest. Nevertheless, experts contend that an oversold RSI is not a standalone signal for a rebound; further verification through other technical measures is essential.
