XRP Lost 15% Of Value In One Week, What’s Next?

The recent weeks have been challenging for XRP, which declined together with other leading cryptocurrencies.

The recent losses have been significant. XRP made an attempt to settle above $1.35 on November 10 but then touched lows at $0.65 before rebounding towards the 20 EMA on the daily chart at $0.93.

Currently, XRP remains under pressure together with other leading coins.

H4 Chart Technical Analysis

XRP managed to settle below the 50 EMA and the 20 EMA on the H4 chart and moved towards the low end of the current upside channel. RSI remains in the moderate territory, and there is plenty of room to develop additional downside momentum in case the right catalysts emerge.

In case XRP continues to move lower, it will move towards the support level at $0.8050. This support level has already been tested several times and proved its strength. A successful test of this level will open the way to the test of the support at $0.77. If XRP manages to settle below $0.77, it will head towards the support at $0.75.

On the upside, XRP needs to get above the resistance at $0.85 to have a chance to develop upside momentum in the near term. The next resistance level is located at $0.87. A move above this level will open the way to the test of the resistnace at $0.90. If XRP manages to settle above $0.90, it will head towards the resistance which is located near recent highs at $0.9350.

H1 Chart Technical Analysis

Taking a closer look at H1 chart, the same levels are visible as on the H4 chart. The key question right now is whether XRP will try to move out of the current upside channel. In this scenario, it will have a good chance to develop additional downside momentum.

Traders should also monitor the dynamics of main cryptocurrencies, Bitcoin and Ethereum. If the current pullback continues, other top-10 coins like XRP will also find themselves under material pressure.

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