XRP’s Next Move Comes Down to These Key Price Levels: Analyst

XRP faces resistance at $1.40 to $1.43 before reaching $1.47, creating several hurdles for bulls attempting to regain control.

XRP is changing hands around $1.35, down roughly 6% over the last week after slipping beneath a support level chart analysts had been watching closely since late August.

Trader ChartNerd says the token’s second failed weekly close above its 50-week EMA leaves room for a deeper slide to $1.27, or lower, before the rally that took XRP to $1.70 can resume.

Bulls Lose Their Grip on the $1.36 Floor

ChartNerd has been tracking XRP’s four-hour structure for weeks, watching a range that formed beneath $1.47 resistance and above $1.36 support. That floor has now been swept twice. According to the analyst, the price rejected from $1.43 and printed another lower high beneath a bearish trend signal sitting at $1.39.

Zooming out, the picture traces back to August 22, the day XRP touched a multi-month high of $1.70, as CryptoPotato reported. The rally followed a broader market move triggered by Bitcoin’s jump from under $65,000 to $80,000, and pushed XRP up 70% in three days after a tough start to the month that had briefly dragged it under $1.00. It ended August at just under $1.40, still a 30% monthly gain despite the pullback.