XRP, even $1.4 'shaky'... Warning of fall to $1.32 due to disappearance of buying power

▲ XRP/ChatGPT generated image

After XRP fell below $1.45 and entered a phase of consolidating losses, the possibility of the $1.40 support line breaking has emerged as a key market variable.

NewsBTC reported on May 14 (local time) that the XRP price extended its decline below $1.45, currently facing resistance around $1.4330 and $1.4460. According to the article, XRP began another downtrend by moving below the $1.44 zone and is currently trading below $1.4350 and the 100-hour simple moving average.

XRP continued its decline, similar to Bitcoin (BTC) and Ethereum (ETH), after failing to hold above $1.4680. The price fell below $1.4550 and $1.45 sequentially, entering a short-term bearish zone, and extended its losses below $1.4350. The low was formed at $1.4109, and since then, it has attempted a limited recovery by moving above the 23.6% Fibonacci retracement level of the downtrend from the high of $1.4688 to the low of $1.4109.

Upon rebound, the first resistance level is $1.4330, and the first major resistance level is suggested around $1.44. The key resistance level is the 61.8% Fibonacci retracement level of the same downtrend, at $1.4460. According to Kraken data, a bearish trend line forming resistance around $1.4520 also appeared on the XRP/USD hourly chart.

If XRP closes above $1.4460, a recovery trend towards $1.4880 could open up. The next barrier is $1.4950, and a clear break above this resistance could lead to an increase to $1.5050. If further upward movement continues, the $1.5250 resistance level is suggested as the next target zone.

Conversely, if XRP fails to overcome the $1.4460 resistance zone, a new downtrend could begin. The initial support level is $1.4180, and the next major support level is $1.4120. If it breaks below $1.4120 and closes, the decline could continue to $1.4050, and if the $1.40 zone also collapses, further bearish momentum towards $1.32 could ensue.

Technical indicators also pointed to weakening buying pressure. The XRP/USD hourly MACD (Moving Average Convergence Divergence) is accelerating in the bearish zone, and the hourly RSI (Relative Strength Index) remains below 50. According to the article, the key support levels are $1.4120 and $1.4050, and the key resistance levels are $1.4330 and $1.4460.

*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.*