XRP Must Hold $1 Support to Avert Further Declines
JH Kim
Summary
- CryptoPotato said XRP needs to hold the $1 support level to avoid further declines.
- The outlet said XRP's medium- to long-term trend remains bearish, citing a descending channel, downward-sloping 100-day and 200-day moving averages, and strong resistance at $1.25.
- If the $1 support level breaks, the decline could accelerate toward $0.80, the bottom of the channel, and XRP is currently trading at $1.0735.
Forecast Trend Report by Period
XRP needs to hold the $1 support level to avoid further declines, according to an analysis.
CryptoPotato reported on July 8 that XRP is moving within a clear descending channel on the daily chart, signaling that its medium- to long-term trend remains bearish. The outlet added that the 100-day and 200-day moving averages are both sloping lower, while strong resistance has formed near $1.25.
Still, buying interest has emerged around $1 since early June, helping prevent additional losses. If that support gives way, the decline could accelerate toward the bottom of the channel near $0.80.
XRP was trading at $1.0735 on Binance's Tether market as of 1:03 a.m. on July 9, down 4.87% from a day earlier.
JH Kim
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