[Analysis] "XRP enters a pullback after failing to hold $1.62… focus on whether it can break above $1.51"

An analysis suggests that XRP has failed to hold above $1.62 and has entered a downside correction, with whether it can break above $1.51 likely to be a key turning point going forward.

According to NewsBTC on the 15th (local time), XRP slipped below the $1.60 and $1.55 support levels in succession, moving into bearish territory. In particular, it fell below the 61.8% Fibonacci retracement level of the advance from the $1.3475 low to the $1.6713 high, and also broke down beneath the key rising trendline near $1.4880 on the hourly chart.

It is currently seeing buying interest above the $1.45 area and is trading above $1.4620 and the 100-hour simple moving average (SMA). The outlet noted that if the rebound continues, the first resistance is $1.50, with key resistance around $1.51. A break above that could open room for further gains to $1.5450, then $1.58 and $1.62, and even up to $1.64.

Conversely, if it fails to clear the $1.51 resistance, the possibility of further declines cannot be ruled out. The first support is $1.44, and the next key support is $1.4240, which corresponds to the 76.4% Fibonacci retracement of the same upswing. A close below $1.4240 could extend selling pressure toward $1.40, and further to the $1.36 and $1.34 areas.

Technical indicators are also tilting bearish in the near term. The hourly MACD shows downside momentum strengthening in bearish territory, while the RSI is also holding below the 50 level. In the short term, whether XRP can reclaim $1.51 is expected to be the key inflection point that determines direction.

Meanwhile, XRP is trading at $1.46, down 5.52% from the previous day, according to CoinMarketCap.