XRP Breaks Below $1.40 After Third Trendline Rejection
XRP failed to hold a key bullish trendline near $1.430 for the third time since March, with the most recent rejection on April 6-7. The breakdown has shifted the chart into a weaker structure favoring sellers.
Key Takeaway
XRP sellers dominate below $1.43 broken trendline, with next major support at $1.3840.
XRP dropped below $1.40 and hit a low of $1.3835 after failing to hold a key bullish trendline near $1.430. The breakdown marks the third rejection of descending trendline resistance since March, with the most recent failure occurring on April 6-7.
Market analyst Shah said the chart has shifted into a much weaker structure after failing to hold the bullish trend line, and the short-term direction is leaning to the downside as long as XRP remains below that broken trend line. The market continues to favor sellers.
XRP traded below $1.420 after consolidating near $1.4120 and $1.4150. The price broke below the $1.4250 zone and failed to stay above $1.440, then declined below $1.4320 and $1.430. XRP is now trading below the $1.4150 level and the 100-hourly Simple Moving Average. The hourly MACD is gaining pace in the bearish zone, while the hourly RSI sits below the 50 level.
First major resistance sits near $1.4150, followed by the main resistance at $1.4250. A close above $1.4250 could send the price to $1.4320, with the next hurdle at $1.4450. A move above $1.4450 might push XRP toward $1.450 resistance and potentially $1.4650.
Initial support on the downside stands near $1.3920, with the next major support at $1.3840. A close below $1.3840 could lead to a decline toward $1.3650. The next major support sits near $1.350, and below that level, the price could continue lower toward $1.3220. XRP ETFs saw ₱216.35 million ($3.56 million) in net outflows for the week ending April 6.
This article was written based on reporting from NewsBTC.
