XRP Slides Below Key Support Level Amid Analyst's Warning

XRP has been experiencing a downturn, currently trading at around $1.35 after a 6% drop over the last week.

This price decline comes after XRP slipped below a key support level that analysts had been monitoring since late August.

According to ChartNerd, a trader and analyst, this second failed weekly close above the 50-week EMA leaves room for a deeper slide to $1.27 or lower before the rally can resume.

The current price rejection from $1.43 and the formation of another lower high beneath a bearish trend signal at $1.39 also support this view.