XRP Hits New Local Resistance at $1.08 Amid Ongoing Bearish Trend
XRP's price has hit new local resistance levels, reaching a critical technical point after a sharp decline in June. Despite stabilizing at $1.08, the asset is still facing a tough battle to turn momentum in its favor.
The convergence of the 50-day and 100-day moving averages around $1.09-$1.10 has emerged as the first significant resistance zone since the start of the larger correction. A breakout attempt from an ascending triangle failed to generate sufficient buying pressure, and XRP is currently consolidating just below these moving averages.
The overall trend remains bearish, with the 200-day moving average trending significantly higher around $1.21. Regaining this key indicator will be crucial for a long-term uptrend, but increasing participation is necessary to overcome current resistance.