XRP Stuck Below Crucial Support Level: Analyst Sees Slide to $1.27

XRP has been on a downward trend after slipping beneath a crucial support level chart analysts have been watching closely since late August.

According to Trader ChartNerd, 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 can resume.

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

Zooming out, the picture traces back to August 22, when XRP touched a multi-month high of $1.70. The rally followed a broader market move triggered by Bitcoin's jump from under $65,000 to $80,000 and pushed XRP up 70% in three days.

ChartNerd flagged the retracement risk the day after that peak, warning that a weekly close below the 50 EMA would be an early warning sign for a larger retracement.