XRP, $1.35 Support 'Shattered'... Emergency to Defend $1.25 Bottom

▲ XRP, Cryptocurrency Decline/AI Generated Image

XRP has widened its losses, falling below its key support level of $1.35. As selling volume surged, the technical structure appears to be rapidly shaking.

According to U.Today, a cryptocurrency specialized media outlet, on September 17 (local time), XRP fell to around $1.27 after breaking out of the $1.40 to $1.45 range. In the recent daily candle closing process, the $1.35 line, which served as a long-term moving average and horizontal support, collapsed all at once. An analysis suggests that the noticeable increase in selling volume during the support break makes it difficult to dismiss this as mere intraday volatility.

Currently, XRP is being tested in the $1.25 to $1.28 range, where short-term moving averages are concentrated. If buying pressure defends this zone, a technical relief rebound due to excessive decline could occur. However, even if a rebound appears, the previous support level of $1.34 to $1.35 is likely to act as a strong resistance wall.

The weakening upward momentum is also confirmed by technical indicators. The Relative Strength Index (RSI) has fallen below 50 and continues to decline, reflecting the market's selling dominance. The continuous deterioration of the indicator is considered a major factor limiting short-term rebound momentum.

The market views the defense of the $1.25 support level as the biggest turning point for future trends. If the $1.25 line breaks, there is a risk that the price could further decline to $1.20 and then to around $1.15, which was the starting point of a major breakout in August. Conversely, only by quickly reclaiming the $1.35 line can technical damage be repaired and further downward pressure be alleviated.

[Key Article Summary]

-XRP plummeted to the $1.27 line as the long-term moving average of $1.35 collapsed.

-Technical indicators deteriorated as the Relative Strength Index fell below 50 and selling volume surged.

-If the $1.25 support line collapses, it could fall to $1.15, and reclaiming $1.35 is urgent.

*Disclaimer: This article is for investment reference only and is not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*