"Blocked at $1.45 again"...XRP's rebound loses momentum, 'further decline' scenario emerges

▲ XRP (XRP)/ChatGPT generated image

An analysis has emerged that XRP is failing to sustain its short-term rebound and is losing momentum at a key resistance level, leading to increased downward pressure.

According to cryptocurrency specialized media NewsBTC, XRP has failed to maintain its upward trend after a recent rebound and has repeatedly been pushed back at the resistance around $1.45, showing a shift towards a bearish trend. This area has been identified as a critical supply zone in the short term, acting as a key resistance line where selling pressure is concentrated.

The current price structure remains within a downtrend. Despite the rebound, a breakout above the upper resistance level has not been confirmed, meaning no signal for an upward reversal has appeared, and the overall trend is assessed as still being in a correction phase.

From a technical perspective, this rebound has been analyzed as corresponding to a 'Wave 4' rebound phase. This is a temporary recovery stage that occurs after a strong decline, and it typically represents an intermediate rebound before a further decline, rather than a trend reversal.

Specifically, if resistance near $1.45 is not broken, the downward pressure is likely to strengthen again. In this scenario, the next downward target range is suggested to be around $1.09, with a further extension to the $0.90 level.

Conversely, the conditions for a structural change are also clear. If the price breaks above the $1.65 level and converts that level into support, the possibility of a shift to an upward trend could open up.

During this rebound process, the Relative Strength Index recovered from the oversold zone, alleviating some technical burden, but it is still considered insufficient to reverse the overall trend. As the rebound strength was limited and met with resistance, the market is moving towards reflecting the possibility of further declines again.

*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.*