Ripple’s XRP is under renewed pressure after failing to break above the upper boundary of its short-term descending channel. Trading around $1.25, the token has slipped into a key Fibonacci support area, where the reaction over the coming sessions could decide whether the August recovery remains intact or gives way to a deeper retracement.
Ripple Price Analysis: The USDT Pair
On the daily chart, XRP continues to retrace the sharp rally from the $0.99 August low to the $1.70 high, which stalled just below the major $1.7-$1.8 supply zone. Since then, the asset has printed lower highs, losing the 0.5 Fibonacci retracement at $1.34 earlier this month and drifting back toward the $1.25 support zone.
This area is important because it coincides with the 0.618 retracement level and a prior demand zone from mid-September. Yesterday’s candle briefly dipped to approximately $1.20, tagging the 0.702 level, before buyers pushed the price back toward $1.25. The long lower wick suggests that demand is responding, although the daily close has yet to confirm a successful defense.
If the $1.25 zone holds, XRP would first need to reclaim the $1.34 Fibonacci level and the $1.40 supply zone, where the latest rebound was rejected. Conversely, a decisive daily close below $1.20 would expose the $1.10-$1.14 demand zone, which overlaps with the 0.786 retracement, and would be the market’s last line of defense before XRP erases all of its gains since August.
The 4-Hour Chart
The 4-hour timeframe shows XRP trading within a descending channel since its late-September peak near $1.65. The latest rally attempt was rejected at the upper boundary around $1.33, extending the sequence of lower highs and lower lows that has defined the structure throughout October.
That rejection pushed the price through the $1.25 demand zone, with a wick to roughly $1.20 before a modest recovery. XRP is now hovering around the lower edge of this zone, so buyers are trying to reclaim it rather than defend it from above. Failure to do so would raise the risk that sellers turn the area into resistance.
A recovery back above $1.28 could open the way toward the upper channel boundary, currently near $1.3, and the $1.4 supply zone beyond it. On the other hand, renewed weakness below $1.20 would likely bring the channel’s lower boundary near $1.17 into play.
Overall, the short-term pattern still favors sellers. A meaningful shift in structure would require XRP to break above the descending channel and reclaim the $1.40 supply zone, while the $1.20 low remains the key line buyers need to protect.
The post Ripple Price Analysis: Can XRP Recover After the Hack-Driven Sell-Off? appeared first on CryptoPotato.
Source: https://cryptopotato.com/ripple-price-analysis-can-xrp-recover-after-the-hack-driven-sell-off/
