Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnAISquareMore
XRP falls below $1.20 as downside risk grows

XRP falls below $1.20 as downside risk grows

CointurkCointurk2026/06/04 09:06
By:Cointurk

XRP experienced a drop in its latest sessions, echoing the general weakness across the cryptocurrency market. Pressured by continued selling in both Bitcoin and Ethereum, the token dipped below the $1.20 threshold, touching as low as $1.1401 during the session. Although there were signs of a subsequent recovery, short-term technical signals suggest that bearish pressure remains unresolved for now.

Price stuck between $1.15 and $1.20

Current price action shows XRP trading within a narrow band between $1.15 and $1.20. At the time this article was published, XRP was trading at approximately $1.22, representing a modest increase of around 1% in the past 24 hours. Nevertheless, the price remains below its 100-hour simple moving average, a sign that downward momentum has not been exhausted in the short term.

The hourly chart reveals a downward-sloping trendline, with initial resistance situated at the $1.1950 level. In addition, XRP has failed to reclaim the 23.6% Fibonacci retracement level, calculated from the drop between $1.3640 and $1.1401, limiting the prospects for a swift rebound.

Mini glossary: The Fibonacci retracement is a tool used in technical analysis to identify levels where prices may temporarily pause after significant rises or falls. Investors often track these levels as potential zones of support or resistance.

$1.32 seen as critical resistance

From a technical standpoint, any sustainable recovery in XRP requires a decisive close above $1.1950. Should this occur, resistance levels at $1.20, $1.22, and $1.25 could come into play. However, a more definitive trend reversal would likely need to see XRP breach the $1.32 mark, which stands out as a major resistance zone.

According to analysis, a convincing close above $1.32 could pave the way for a move up to $1.43, which would mark an approximate 17% gain from current prices. Still, the presence of a negative histogram structure in the MACD indicator suggests that bearish momentum has not completely dissipated.

Technical analyst ChartNerd wrote on X (formerly Twitter) that XRP has slipped below the upper regression band of the Gaussian Channel at $1.35. Based on previous instances, he notes that such a break has historically pulled the price down to the middle regression band, which currently stands at $0.84.

Known for his technical analysis posts on social media, ChartNerd remains a prominent market observer. He indicated that if support levels continue to erode, a deeper correction toward $0.84 could remain on the table at some point in 2026.

Latest on support zones

If the downtrend extends, the initial support lies at $1.16, followed by a secondary support at $1.155. Breaching this area would turn attention to $1.15 and $1.144, while a drop below $1.144 would leave $1.14 as the final, albeit weaker, support zone in the near term.

The Relative Strength Index (RSI) currently indicates oversold conditions for XRP. This could trigger some short-term buying as traders react to the signal. Nevertheless, analysts emphasize that an oversold RSI alone does not guarantee the start of a lasting upward trend; confirmation from other technical indicators is still needed.

0
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

Understand the market, then trade.
Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.
Trade now!

You may also like

Goldman Sachs Hedge Fund Chief: "Zero-Day Options" Suppress U.S. Stock Volatility, Technology and Energy Remain the Best Choices

The S&P 500 has experienced intraday fluctuations of less than 1% for 27 consecutive trading days, marking the longest period of low volatility since the pandemic. Goldman Sachs warns that this "calm" is the result of zero-day options strategies forcibly locking in the market, and once a catalyst emerges, the compressed volatility energy will be released all at once. Meanwhile, expectations for a rate hike in September are rising, market sentiment has dropped to its lowest point of the year, and fiscal sustainability risks loom large—is this pot of heating water going to boil for much longer?

华尔街见闻2026/09/15 03:56