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▲ XRP/AI Generated Image
As XRP yields its $1.40 support level and downward pressure intensifies, it is expected to face the brink of a further crash if it fails to break through key resistance levels.
According to a report by cryptocurrency media outlet NewsBTC on April 29 (local time), XRP began its decline from the $1.45 resistance area, breaking below the $1.42 and $1.40 support levels in succession. The XRP price is currently trading below $1.40 and the 100-hour simple moving average, solidifying its downtrend. In particular, a major bearish trend line is forming near $1.41 on the hourly chart, obstructing any rebound.
XRP recently attempted a slight rebound after forming a bottom near $1.352, but failed to overcome the $1.40 resistance wall and fell back down. Virtual asset analyst Aayush Jindal diagnosed, "If XRP fails to definitively break through the $1.41 resistance level, the downtrend could intensify." Currently, the first resistance level is $1.41, and even if it surpasses this, strong resistance awaits at $1.425 and $1.45.
The downside support level is formed at $1.365, and if this support breaks, there is a high possibility of a retreat to the next major support level of $1.35. A warning has been issued that if even $1.35 is given up, the price could plummet vertically to the psychological last line of defense at $1.32. With selling pressure dominating the market, buying interest remains subdued, and a wait-and-see attitude is becoming more prevalent.
Technical indicators also support XRP's bearish trend. The hourly Moving Average Convergence Divergence (MACD) is accelerating in the bearish zone, and the Relative Strength Index (RSI) remains below 50, suggesting further downside potential. The concurrent weakness of major virtual assets like Bitcoin (BTC) and added macroeconomic uncertainties are further increasing psychological anxiety among XRP investors.
Market participants anticipate that XRP needs to break above the $1.45 resistance level to halt its downtrend and gain reversal momentum. Currently, with downside risks ever-present, whether key support levels can be defended will be a critical turning point determining the future direction of the price. Unless accompanied by whale movements and changes in trading volume, a highly volatile bottom-range consolidation is expected to continue for the time being.
*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.*
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