XRP Plunges Below $1.4 Again... Selling Pressure Explodes, Spreading Fear of $1.32

▲ 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 with it trading below the 100-hour simple moving average, selling pressure increased.

According to crypto media outlet NewsBTC on May 8, XRP failed to hold above $1.4120 and then extended its decline. The price was pushed below $1.4050 and $1.40, subsequently falling to $1.3880, showing a short-term bearish trend.

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

For a 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 Fibonacci 50% retracement level of the decline from the $1.4570 high to the $1.3800 low.

Upward resistance continues. The next resistance level is at $1.4250, and if it clearly surpasses this zone, it could attempt to recover to the $1.450 resistance level. For further upward movement, $1.4650 was mentioned as the next resistance level.

The downward 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. Subsequently, the major support level is $1.3320, and if even this zone breaks, it could be pushed down to $1.320.

Technical indicators also favored a bearish outlook. 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.*