Karla Barker 
XRP continues downward trend, testing key support levels
XRP extended its losses this week, trading below the $1.60 mark and testing the $1.50 support level. The cryptocurrency failed to maintain its position above $1.80, following a broader market decline that affected Bitcoin and Ethereum as well.
The price dropped below $1.720 and $1.650, entering what technical analysts might call a short-term bearish zone. At one point, it even spiked below $1.550 before finding some footing around $1.50. There was a minor recovery wave that pushed the price back above $1.550, and it managed to clear the 23.6% Fibonacci retracement level of the downward move from the $1.938 swing high to the $1.50 low.
But here’s the thing – XRP is still trading below $1.60 and the 100-hourly Simple Moving Average. That’s not exactly encouraging for bulls. If there’s any attempt at an upward move, the price will likely face resistance near $1.60, with the first major resistance sitting around $1.650.
Technical resistance and bearish patterns
Looking at the charts, there’s a key bearish trend line forming with resistance at $1.650 on the hourly chart of the XRP/USD pair. A close above $1.650 could potentially send the price toward $1.720, which happens to be the 50% Fib retracement level of that downward move from $1.938 to $1.50.
The next hurdle would be around $1.770. A clear move above that resistance might push the price toward $1.80. Any additional gains could target $1.8350, with the next major hurdle for bulls possibly near $1.90.
But honestly, that feels like a lot of ifs right now. The current momentum doesn’t seem to support such a bullish scenario, at least not immediately.
Potential for further decline
If XRP fails to clear the $1.60 resistance zone, we could see another decline. Initial support on the downside is near $1.540, with the next major support around $1.5150.
A downside break and close below $1.5150 might continue the decline toward $1.50. The next major support sits near $1.4650, below which the price could continue lower toward $1.420.
Technical indicators aren’t painting a particularly optimistic picture either. The hourly MACD for XRP/USD is gaining pace in the bearish zone, and the hourly RSI is now below the 50 level.
Key levels to watch
Major support levels to monitor are $1.540 and $1.50. On the resistance side, keep an eye on $1.60 and $1.650. These levels will likely determine the next significant move for XRP.
The market sentiment seems cautious, and traders appear to be watching these technical levels closely. It’s one of those situations where the price action could go either way, but the current momentum suggests more downside risk than upside potential.
What happens next probably depends on broader market conditions and whether XRP can hold above those critical support levels. A break below $1.50 could trigger more selling pressure, while a recovery above $1.60 might give bulls some breathing room. But for now, the consolidation continues, with the price searching for direction.