XRP Slides Below Support, Another Leg Down Possible

XRP has been trading around $1.35 after slipping beneath a key support level in late August, causing a 6% drop over the last week.

The token's failed weekly close above its 50-week EMA leaves room for a deeper slide to $1.27 or lower before the rally can resume, according to Trader ChartNerd.

The analyst has been tracking XRP's four-hour structure and notes that the price rejected from $1.43 and printed another lower high beneath a bearish trend signal at $1.39.

Zooming out, the picture traces back to August 22 when XRP touched a multi-month high of $1.70 following a broader market move triggered by Bitcoin's jump from under $65,000 to $80,000.