XRP is trading around $1.40 after a correction from its September highs, with buyers defending the $1.30 support area. A descending trendline near $1.45 now decides whether the rebound grows or fades.
XRP is trading around $1.40 as it attempts to stabilize after a sharp correction from its September highs. Buyers triggered a rebound from the $1.30 support area, but the technical picture remains mixed.
Daily chart shows two rejections near $1.60
The daily chart shows a significant recovery from the August lows below $1, followed by a sharp rally toward the $1.60 region. However, the market has rejected that level twice, which suggests bullish momentum has weakened.
The $1.30 zone is the key nearby support, and it has already attracted buying interest. Holding it could let XRP consolidate and attempt another move higher, while a decisive breakdown would bring the $1 support zone back into focus.
The 100-day and 200-day moving averages are also converging for a potential bullish crossover near the $1.30 zone. Yet the RSI has dropped below the neutral 50 level, which puts the market at risk of losing that support.
Four-hour chart puts $1.45 in focus
On the 4-hour chart, XRP has been trading beneath a descending resistance trendline drawn from the September highs, with successive lower highs reflecting selling pressure. The latest decline pushed the price toward $1.30 before buyers stepped in and started a modest rebound toward $1.40.
The $1.45 resistance area aligns with that trendline, making it a key resistance level. A convincing breakout above $1.45 could invalidate the immediate bearish structure and allow the price to target the $1.60 region once more.
Conversely, a rejection near $1.45 could send XRP back toward the $1.15 imbalance formed during the almost vertical rally in mid-August. The 4-hour RSI has climbed back above the oversold region to approximately 40, so selling pressure has moderated, but the indicator remains below 50 and does not yet confirm a bullish momentum shift.
A renewed loss of $1.30 would increase the risk of a deeper correction.
Source: CryptoPotato
Trading involves risk.
Risk Disclaimer
