XRP Stalls at $1.50 Resistance Zone as ChartNerd Warns of Deeper Drop
XRP's recent rally has stalled as it struggles to break through the $1.50 resistance zone, according to chart analyst ChartNerd.
The token has pulled back roughly 22% from its August 22 peak of $1.70 and now trades around $1.35, leaving room for another leg down, ChartNerd warned.
The technical picture is demanding patience rather than conviction, as the monthly 20 exponential moving average (EMA) and the weekly 50 EMA converge in the $1.53 to $1.55 zone, creating a critical test for XRP's next direction.
Historical analysis of XRP's price action dating back to 2015 shows that rallies into the monthly 20 EMA after major corrections have often been followed by sharp reversals, with some declines reaching as much as 63% to 70%, before eventually culminating in a new bottom.