XRP Price Forecast: Testing Key Support Levels Amid Ongoing Decline

TLDR

• XRP has experienced a 6.7% decline in the past 24 hours, trading at $1.7572.
• The coin faces resistance at the 9-period Simple Moving Average around $1.8247.
• XRP’s price has fallen 8.6% in the last seven days and 6.3% in the past 30 days.
• The Awesome Oscillator shows a negative reading, indicating bearish momentum.
• Social media analysts suggest a potential upward move if XRP breaks the descending trendline.

XRP has faced continued downward pressure, with its price recently dipping below a crucial Simple Moving Average (SMA) resistance level. Currently trading at $1.7572, XRP has seen a 6.7% decline over the past 24 hours. Traders are now watching for signs of potential recovery or further declines as the price struggles with resistance levels.

XRP’s Recent Performance and Current Price Action

XRP has experienced a 6.7% drop in the last 24 hours, with a high of $1.8887 and a low of $1.73. The coin’s price is currently at $1.7572, showing weakness as it remains under the pressure of recent declines. Over the past week, XRP has fallen by 8.6%, and its 30-day performance shows a loss of 6.3%.

This persistent downtrend is also visible in the year-to-date performance, with XRP showing a 4.5% loss. More concerning is the coin’s 42% drop over the last year, which reflects its ongoing struggles. With the broader market also facing challenges, XRP’s performance has continued to underperform compared to its peers.

XRP Price Forecast: Bulls Still Eyeing an Upside

Despite the recent downtrend, the long/short ratios on platforms like Binance and OKX indicate that traders are still positioning for upward movement. The long-to-short ratio is currently higher than 2.5, suggesting a continued bullish sentiment among traders. However, the price continues to face significant resistance, especially at the 9-period SMA level around $1.8247.

The inability of XRP to break above this key resistance level signals that bears are in control at the moment. If the price manages to break above the SMA, it could signal a shift in momentum toward a potential bullish reversal. Traders are closely watching these levels to gauge whether XRP can overcome its immediate hurdles and move toward higher price targets.

Support Levels and Market Sentiment

On the downside, XRP is testing the $1.72 support level. If the price fails to hold above this level, further declines toward $1.70 could occur. The Awesome Oscillator’s negative reading of -0.0900 reinforces the bearish momentum, with the red histogram bars signaling continued selling pressure.

Despite these bearish signals, social media commentary from analyst Amonyx presents a more optimistic outlook. Amonyx’s chart analysis suggests that XRP is currently in a consolidation phase within a descending triangle.

If XRP price can break through the descending trendline, the analyst expects a potential upward move with a target above $4.6.

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