XRP Price Hurdles: Analyst Sees Possible Slide to $1.27

XRP has been struggling to regain control after slipping beneath a crucial support level chart analysts had been watching closely since late August.

The token is currently trading around $1.35, down roughly 6% over the last week, and faces resistance at $1.40 to $1.43 before reaching $1.47, creating several hurdles for bulls attempting to regain control.

Trader ChartNerd believes XRP's second failed weekly close above its 50-week EMA leaves room for a deeper slide to $1.27 or lower before the rally that took XRP to $1.70 can resume.

The analyst warns that until both the 20-week and 50-week EMAs are reclaimed and held, there's no recovery case until $1.50 is reclaimed.