Summary
- XRP fell below the $1.40 support level and shifted into a short-term bearish structure as the breakdown came with rising trading volume.
- CoinDesk said capital is rotating into Bitcoin as Bitcoin dominance rises to 60%%, limiting altcoin demand including for XRP.
- CoinDesk said whether XRP can reclaim $1.40 is the key variable, and that a break below $1.37 could open the way for a further drop to $1.32-$1.28.
Forecast Trend Report by Period
XRP has shifted into a short-term bearish structure after slipping below the key $1.40 support level, CoinDesk reported.
On April 29, CoinDesk said XRP recently broke under $1.40 and quickly fell to $1.38. The token has yet to reclaim that level, reinforcing the short-term bearish setup.
The move was more than a routine price correction, the outlet said. The breakdown came with rising trading volume. When a major support level gives way amid heavy selling, that area often turns into resistance and can alter market positioning.
The broader market backdrop is also unfavorable for XRP and other altcoins. Bitcoin dominance has risen to about 60%, signaling that capital is flowing into Bitcoin. That has capped demand for altcoins, including XRP.
Technical indicators also point to a structural shift. The lower end of a long-standing sideways range has broken down, and prices are beginning to trend lower. Rebound attempts have remained limited.
CoinDesk said the key variable now is whether XRP can recover $1.40. If it climbs back above that level, the latest drop could be interpreted as a false breakdown. If it falls below support at $1.37, further losses toward $1.32 to $1.28 may come into view.
XRP was trading at $1.3941 on Binance's USDT market, up 0.09% from a day earlier.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
