XRP Failed 6 Times in Row: What Happened?
2024-10-20

XRP has gone through a discouraging phase of rejection, failing to overcome a critical resistance level six times in a row. Every attempt to push higher has been met with resistance in the price action, making it difficult for XRP to build any bullish momentum. The price zone centered around $0.56 on the chart represents the resistance level that has proven to be a formidable obstacle for XRP.
The price has failed to close above this level on several occasions, and each time it does not the likelihood of a breakout is fading. A bullish reversal is not evident in XRP at this time, and the recent retracement implies that the asset may still experience short-term downside pressure.XRPUSDT Chart by TradingView
As the price continues its downward trend, a number of support levels might offer some respite. As the initial stopping point for a possible drop, $0.51 is the first critical support zone. The next significant support, which corresponds with a psychological level for traders and investors, can be found around $0.50 if XRP is unable to hold above this level.
We may witness a further decline toward $0.48 if the selling pressure increases and XRP breaks below these crucial levels. This might signal a more significant retracement and prolong the asset's consolidation period. Bulls may not be fully committed to pushing XRP higher as indicated by the descending volume pattern, which only serves to increase uncertainty.
XRP is likely to continue its current downtrend unless there is a discernible shift in market sentiment or buying pressure. In this scenario the asset will likely encounter obstacles at significant resistance levels and depend on these crucial support zones to avert further losses.