XRP Faces Critical Support Test Amid Bearish Momentum
- XRP has closed below the $1.95 monthly support for the first time in over a year, signaling potential downside risks.
- The analyst ‘Guy on the Earth’ highlights a breakdown target of $0.90, suggesting a possible more than 50% decline from current levels.
- Key potential accumulation zones identified include $1.61, $1.42, and $0.90, with increased selling pressure from Bitcoin potentially exacerbating declines.
- Despite bearish signals, a bullish recovery remains possible due to seller exhaustion and proximity to rectangle resistance.
The recent breach of XRP’s key support level at $1.95 raises concerns about further price declines towards $0.90 if recovery is not swift. However, there is still potential for a rebound if bulls can reclaim this level promptly.
With XRP trading at around $1.87, traders are advised to reduce exposure until a confirmed daily close above $1.95 is achieved to mitigate losses and position for potential gains.
