Blocked at $1.45 again"...XRP's rebound loses momentum, 'further decline' scenario emerges

▲ XRP/ChatGPT generated image

An analysis suggests that XRP failed to sustain its short-term rebound and lost momentum at a key resistance level, leading to increased downward pressure.

According to cryptocurrency specialized media NewsBTC, XRP has failed to maintain its upward momentum after a recent rebound, being pushed back again from resistance near $1.45, indicating a shift to a bearish trend. This area has been identified as a critical supply zone in the short term, acting as a key resistance level where selling pressure is concentrated.

The current price structure remains within a downtrend. Despite the rebound, a breakout above the upper resistance levels has not occurred, and no clear signs of an upward reversal have been confirmed. The overall trend is still considered to be in a corrective phase.

From a technical perspective, this rebound has been analyzed as corresponding to a 'Wave 4' rebound phase. It is a temporary recovery stage that occurs after a strong decline, typically characterized as an intermediate rebound before further decline, rather than a trend reversal.

Specifically, if resistance near $1.45 is not broken, downward pressure is likely to intensify again. In this scenario, the next downside targets are suggested to be around $1.09, with a further potential drop to $0.90.

Conversely, the conditions for changing the structure are also clear. If the price breaks above the $1.65 level and converts it into a support line, a shift towards an upward trend could become possible.

During this rebound, the Relative Strength Index (RSI) recovered from the oversold zone, alleviating some technical burden, but it is still considered insufficient to reverse the overall trend. With the rebound strength limited and encountering resistance, the market is now moving to reflect the possibility of further decline.

*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.*