XRP Declines 3% After Losing Support at $1.15 as Breakout Fails

XRP Faces Continued Downward Pressure

XRP has experienced a 3.4% drop, falling to approximately $1.15 as it breached a critical support level that traders were closely monitoring. This decline follows a failed attempt to break above a descending trendline near $1.25, which has consistently hindered upward momentum.

The sell-off was characterized by a significant volume increase, peaking around 15:00 UTC when trading volume reached 134.2 million XRP, approximately 170% above the average. Despite attempts from buyers to step in near $1.13, they were unable to reclaim the broken support level by the session's end.

Market Trends and Technical Analysis

Market participants are currently observing a year-long symmetrical triangle pattern that has seen XRP's price oscillate between support levels around $1.10 and resistance near $1.25. The recent trading action indicates that $1.15 has now transitioned from a support level to a potential barrier for bullish movements.

In the past 24 hours, XRP's price fluctuated from $1.1873 down to $1.1465. The loss of $1.15 is particularly significant, as it had been a supportive threshold following last week’s breakout attempt. The persistent inability to breach the $1.25 trendline reinforces its importance on the charts.

Outlook for Traders

Traders are advised to keep an eye on $1.15 as a critical level for bulls to regain to restore momentum. Key support is now seen between $1.13 and $1.10, while resistance remains in the $1.17 to $1.25 range. Until there is a decisive break above $1.25, traders may view any upward movements as tests of resistance rather than the start of a new bullish trend.