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XRP XRP fell below the US$1.36 support level, and the technical side weakened. Analysts said it may test US$1.27 first.
Ripple (XRP) weakened significantly after falling below the US$1.36 support level. Analyst ChartNerd pointed out that prices may test $1.27 before the rally kicks in.
XRP once climbed to US$1.70 in August, and then retreated. Affected by recent declines, prices have fallen below the support level that has remained at $1.36 since the end of August. Technical analyst ChartNerd believes that this break may open up room for a deeper correction for XRP.
The first key level in the path tracked by the analyst is $1.27. If XRP pulls back into this area, investors 'eyes will turn back to rebound signals.
Why could XRP fall to $1.27?
ChartNerd pointed out that the XRP failed to gain firm footing above the 50-week exponential moving average (EMA) on the weekly chart. XRP has failed to close above this moving average twice in a row. Analysts believe this raises the possibility of a larger correction after rising to $1.70 in August.
The next important support level is near the 20-week EMA, which is currently around US$1.27. So the key question for XRP is not just "whether the decline will continue", but whether buyers will enter when the price pulls back to $1.27.
The primary resistance level for XRP is US$1.40
If XRP wants to strengthen again, it first needs to break through the resistance above. ChartNerd tracks resistance levels: $1.40-$1.43,$1.47,$1.65,$1.82 and $2.40. With current prices around $1.35, the first test will be in the $1.40 -1.43 range.
However, analysts believe that the real key threshold is to regain the area near $1.50. As long as XRP is below that zone, it is too early to talk about a sustained rally.
Why did XRP fall from $1.70?
The XRP experienced a strong rebound after falling below $1 in early August. Bitcoin's rally from below $65,000 to above $80,000 also boosted sentiment. XRP rose about 70% in just three days, hitting $1.70 on August 22.
However, this rally failed to last. The currency closed just below $1.40 in August. It retreated by about 22% from its high, and there was also a major change in technology: XRP closed below the 50-week EMA for two consecutive weeks. Therefore, ChartNerd believes that the bottom has not yet been formed.
Is $1.27 the end of XRP?
Although US$1.27 is the first important downward support under the current scenario, it is not the only support. The lower levels tracked by ChartNerd include: $1.30,$1.27,$1.21 and $0.85. Among them, the $0.85 area is the accumulation area that analysts have been focusing on since June.
Therefore, just because XRP fell to US$1.27 does not mean that the decline will inevitably end. How prices react at these levels and whether they can regain their moving averages will be even more critical.
Does XRP have positive signals?
Although the technical side has weakened, funds from XRP spot ETFs are still flowing in. Last week, net inflows into XRP spot ETFs exceeded $110 million, setting the strongest weekly inflow since December. This shows that institutional demand for XRP has not completely disappeared. However, even if ETF inflows are strong, there has not yet been a technical reversal.
In addition, in September, the market also focused on the Senate vote on the CLARITY bill and the progress related to Evernorth's Nasdaq plan, which are all events that XRP investors need to follow up.
What levels should XRP focus on now?
XRP currently faces two different scenarios. On the upside side: We need to break through the US$1.40 -1.43 region and US$1.47; to achieve a stronger rebound, it is crucial to stand above US$1.50. Downside: US$1.30 and US$1.27 are the first supports; if these levels fall short, the US$0.85 area of US$1.21 or even lower may become the focus again.
Therefore, the key point in the subsequent trend of XRP is not only whether the price can rise, but also whether it can recover US$1.36 first, or it will usher in a new round of selling pointing to US$1.27. Current technical charts show that a rebound has not yet been confirmed. A breakthrough in the US$1.40-US$1.43 region would be the first important long signal, while a break below US$1.27 could exacerbate downside risks.
The content of this article is based on general market data and does not constitute investment advice. It is recommended that you study on your own.
