Plunging from $1.7...XRP, all-out effort to defend $1.35

▲ XRP(Ripple)

XRP has entered a critical support test at its 200-day moving average of $1.35.

According to U.Today on September 1 (local time), XRP has given back a significant portion of the gains secured during its August breakout and has fallen back to near its 200-day moving average. This moving average is located at approximately $1.35. XRP had previously surged from around $1, recovering the 200-day line, and subsequently rose to $1.70. With profit-taking continuing, it has been pushed back into the breakout zone.

Whether XRP can defend $1.35 is a key variable for maintaining its upward structure. If XRP holds this price level, it could strengthen the signal that the 200-day moving average has transitioned from long-term resistance to support. XRP briefly fell to $1.34 during intraday trading before rebounding above $1.36, showing signs of buying interest. However, U.Today pointed out that a single intraday rebound is not enough to confirm the maintenance of the support line.

Upward momentum has weakened compared to before. The Relative Strength Index (RSI) exceeded 80 during the initial breakout but has since fallen to around 61. As it moved out of the overbought zone, the room for buying interest to re-enter when demand recovers around $1.35 has increased. Trading volume also steadily decreased during the correction, unlike the surge seen during the initial breakout.

If $1.35 is held, the first rebound target is $1.40. Subsequently, the resistance zone of $1.45-$1.50 is presented as the next test. If $1.50 is broken, the recent high of $1.70 resurfaces as a key price level. Conversely, if the daily closing price is confirmed below $1.35, a bearish scenario could intensify. Below that, the 20-day Exponential Moving Average (EMA) at approximately $1.27 and the 100-day moving average at approximately $1.21 are presented as the next major support levels.

[Article Key Summary]

-XRP has entered a critical support zone after its August surge, testing its 200-day moving average located at approximately $1.35.

-If $1.35 is held, $1.40 and $1.45-$1.50 are the next resistance zones, and a break above $1.50 brings $1.70 back into focus.

-If the daily closing price falls below $1.35, $1.27 and $1.21 are presented as the next major support levels.

*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.*