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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.<\/p>\n
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.<\/p>\n
ChartNerd has been tracking<\/a> XRP’s four-hour structure for weeks, watching a range that formed beneath $1.47 resistance and above $1.36 support.\u00a0That 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.<\/p>\n Zooming out, the picture traces back to August 22, the day XRP touched<\/a> a multi-month high of $1.70, as CryptoPotato<\/em> reported.\u00a0The 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.<\/p>\n ChartNerd flagged the retracement risk the day after that peak, warning that a weekly close below the 50 EMA “would be an early warning sign in advance for a larger retracement.”<\/p>\n That’s exactly what has followed: two consecutive weekly closes beneath the average and a retreat the analyst pegged<\/a> at around 22% from the top. The next support in that scenario is the weekly 20 EMA, which now sits at $1.27.<\/p>\n ChartNerd’s resistance ladder above the current price runs from $1.40 to $1.43, then $1.47, then $1.65, $1.82, and $2.40. On the downside, the levels being watched are $1.30, $1.27, $1.21, and $0.85, the last tied to a zone the analyst has been flagging for accumulation since June.<\/p>\n The broader case for a bottom rests on a golden cross that hasn’t formed yet. XRP’s EMAs are coiling, with price stuck under the 50-week average and above the 20-week one. Until both are reclaimed and held, ChartNerd isn’t willing to call a floor, comparing the current stretch to the compression that preceded August’s breakout.<\/p>\n Spot XRP ETFs still pulled in<\/a> more than $110 million last week, their strongest inflow since December, which has kept some traders open to a faster turnaround than the charts alone suggest.<\/p>\n September carries its own catalysts, including a CLARITY Act vote in the Senate around September 15 and a shareholder vote on Evernorth’s planned Nasdaq listing<\/a>. But none of that changes the technical picture ChartNerd is describing: XRP is boxed in below resistance, and until that changes, another leg down to $1.27 or beyond stays on the table.<\/p>\n The post XRP’s Next Move Comes Down to These Key Price Levels: Analyst<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n\nNo Recovery Case Until $1.50 Gets Reclaimed<\/h2>\n
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