Key Insights
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XRP faces sustained selling pressure after a third rejection at descending resistance, with rising volume confirming bearish continuation rather than consolidation in markets.
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Weak momentum indicators and increasing open interest highlight growing short positioning, amplifying downside risk if key support levels fail to hold soon.
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Critical support between $1.30 and $1.28 remains under pressure, while a break lower exposes thin liquidity zones extending toward the $1.15 region.
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XRP Holds Near Support After Fresh Rejection
XRP traded at $1.3184 on April 7 after failing again to break above descending resistance near $1.35. The latest rejection came with increased trading volume, reinforcing a pattern that has repeated since late March. Consequently, price action continues to favor sellers as the asset remains capped below a well-defined trendline.
The one-hour chart shows XRP moving within a descending channel marked by multiple failed breakout attempts. Each rejection has occurred at slightly lower levels, indicating sustained selling pressure at resistance. Moreover, the latest move followed a brief recovery from $1.27, which had raised expectations of a breakout before momentum faded again.
Momentum Indicators Signal Weak Buying Strength
Technical indicators continue to reflect limited upside strength in the short term. The MACD remains in negative territory despite a marginally positive histogram, suggesting only a weak recovery attempt. Additionally, the daily RSI stands at 38, which indicates subdued momentum without reaching oversold levels that could support a stronger rebound.
Source: TradingView
Market data shows open interest increasing while prices decline, a pattern commonly linked to growing short exposure. This development adds pressure on XRP, as new positions align with the prevailing downward trend. Besides, reduced demand in spot markets has limited the ability of buyers to challenge resistance effectively.
Key Support Levels Come Into Focus
The immediate support zone between $1.30 and $1.28 remains critical for short-term direction. A confirmed break below this range exposes the 23.6% Fibonacci retracement level at $1.28. Furthermore, a deeper move could extend toward $1.15, where historical support appears thinner and less tested.
On the upside, XRP needs a daily close above $1.35 to shift near-term sentiment. This move would also require strength to overcome the 50-day EMA near $1.38. However, current conditions show limited buying pressure, keeping the focus on whether support levels can hold under increasing market strain.
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