Key facts
- XRP price has fallen below $1.20 and hit a low of $1.1401.
- XRP is trading below the 100-hourly Simple Moving Average.
- A bearish trend line has formed with resistance at $1.1950.
- Analyst ChartNerd warns of a potential drop to $0.84 based on historical Gaussian Channel patterns.
- Analyst Celal Kucuker identifies a recurring pattern of low monthly RSI readings preceding major rallies.
- Kucuker's chart projects a potential move toward $25 if XRP follows previous channel patterns.
The XRP price has extended its losses, trading below the $1.20 zone and the 100-hourly Simple Moving Average, indicating short-term bearish momentum. The cryptocurrency experienced a decline to a low of $1.1401, consolidating in the $1.15–$1.20 range. A bearish trend line has formed with resistance at $1.1950, and the price has failed to reclaim the 23.6% Fibonacci retracement level of its recent move. For a recovery, XRP needs to break and close above $1.1950, with $1.32 identified as a key level to shift the overall trend. Analyst ChartNerd has warned that XRP could fall to $0.84, referencing historical patterns on the Gaussian Channel where breaks below the Upper Regression Band led to retests of the Middle Regression Band. The RSI indicator is in oversold territory, suggesting a potential short-term bounce, but a price catalyst is needed to reverse the trend. XRP is trading alongside Bitcoin and Ethereum, which are also experiencing weakness. Concurrently, analyst Celal Kucuker pointed to a recurring pattern on XRP's monthly chart where the relative strength index (RSI) dropped to 42.7, a level seen before previous major rallies in 2015, 2020, and 2022. Kucuker's chart projects a potential move toward $25, representing a gain of roughly 2,000% from current prices, if XRP follows previous channel patterns. XRP continues trading above long-term ascending channel support despite recent market weakness.