They said it would go to $2... XRP fails to break $1.5 resistance and crashes

▲ XRP/ChatGPT generated image

XRP's upward trend, which began in late February, is blocked by a major resistance level and is now at risk of completely losing its upward momentum.

According to U.Today, a cryptocurrency specialized media outlet, on April 20 (local time), XRP's recent recovery attempts are hitting structural limits and collapsing. XRP approached the $1.5 mark by forming higher lows, but a lack of subsequent buying interest has led to a sluggish trend. The price is again stalling just below a major resistance cluster, unable to continue its upward momentum. Its inability to hold above the short-term resistance trendline after being rejected clearly indicates the current bearish trend.

Although it broke through the local upward structure, it failed to develop into a long-term trend, and instead, momentum is flattening. The market merely tested the upper liquidity but failed to show buying conviction. Technically, XRP remains below the 100-day and 200-day exponential moving averages, and both lines are trending downwards. As long as the price remains below the major moving averages, any upward attempt is merely a counter-trend move, and is likely to fail without sufficient trading volume.

Lack of trading volume is considered a critical flaw in this rally. During the recent price rebound, there was no noticeable increase in trading volume, proving that buying pressure was insufficient to reverse the market structure. A rally without active buyer intervention is vulnerable to a sudden reversal at any time. The current market situation is precisely such a reversal of a rapid upward trend.

The anticipated formation of a rounded bottom has also become highly likely to be invalidated. If XRP begins to lose the high-point support structure around $1.35 to $1.38, the entire recovery attempt will revert to square one. If this zone breaks, the market is likely to re-enter a sideways consolidation phase or continue its existing downward trend. Whether the support line holds will be a watershed moment determining the future short-term direction.

While there is still a chance for XRP to stabilize and attempt another rally, the probability is gradually decreasing. This is because the upward wave exhausted itself before reclaiming the key resistance line, failing to enter a decisive breakout phase. The market is currently assessing whether the support structure holds and continues to search for further direction.

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