XRP Stuck Below Resistance as ChartNerd Warns of Deeper Slide

XRP has been struggling in recent weeks after slipping beneath a key support level it had been hovering around since late August. According to ChartNerd, a trader who has been tracking XRP's four-hour structure, the token is facing resistance at $1.40 to $1.43 before reaching $1.47, making it difficult for bulls to regain control.

ChartNerd notes that XRP has changed hands around $1.35 over the last week, down roughly 6% from its previous level. The analyst warns that the token's second failed weekly close above its 50-week EMA leaves room for a deeper slide to $1.27 or lower before a potential rally can resume.

The current price action is reminiscent of August, when XRP touched a multi-month high of $1.70. However, ChartNerd cautions that the token's EMAs are coiling, with price stuck under the 50-week average and above the 20-week one. Until both are reclaimed and held, the analyst isn't willing to call a floor.