"Even Bullish Divergence Isn't Enough"...XRP, at Risk of Collapsing Below $1 as Retail Investors Hold On

▲ XRP, Bear Market/AI Generated Image

XRP has once again reached a critical juncture at the $1 support level. Technical analysis suggests that if this price point collapses, it could fall further to $0.8.

According to the cryptocurrency specialized media outlet CryptoPotato on July 8 (local time), XRP is experiencing selling pressure in both USDT and Bitcoin (BTC) trading pairs. Although there have been attempts at short-term rebounds, the overall trend is still dominated by sellers.

On the daily chart for the USDT trading pair, XRP remains within a descending channel. It is moving below the 100-day and 200-day moving averages, maintaining a bearish structure. These two moving averages are acting as resistance levels above $1.25.

After breaking below $1.25 in early June, XRP found buying support around $1. The $1 level has been a key support line preventing further declines. If this support level breaks, the decline could extend to $0.8, the bottom of the descending channel. Conversely, if it successfully breaks above $1.25, the next resistance area is suggested to be $1.45, where the 200-day moving average is located.

The Relative Strength Index (RSI) showed signals different from the price action. While XRP made lower lows around $1, the RSI made higher lows, forming a bullish divergence. However, the media analyzed that a trend reversal cannot be confirmed by this pattern alone.

In the Bitcoin trading pair, the 1,700 satoshi support level emerged as a key variable. Analysis suggests that if it falls below 1,700 satoshis based on the daily close, there is a higher possibility of further decline to the demand zone of 1,450-1,500 satoshis. To regain an upward trend, it must first recover the 1,850 satoshi resistance level, which is aligned with the 100-day moving average.

[Article Key Summary]

-XRP is holding the key $1 support level, but the overall technical trend remains a bearish structure.

-Analysis suggests that if the $1 support level breaks, it could fall further to $0.8, the bottom of the descending channel.

-For the XRP/Bitcoin trading pair, whether it holds 1,700 satoshi support and recovers the 1,850 satoshi resistance level are presented as key variables.

*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.*