XRP faces weakening momentum as it fails to break through the $1.65 resistance level. Trading volume dropped significantly while analysts warn of a potential deeper retest toward $1.11 support. Momentum indicators show bearish pressure may be fading, leaving the token at a critical juncture for its next directional move.
XRP is trading at $1.47 after failing to rise above the $1.65 resistance level. The token’s daily gain of 0.82% coincides with a 46.76% drop in trading volume to $2.77 billion.
Analyst CasiTrades pointed out that XRP reacted as expected by rejecting the macro 0.618 Fibonacci level. The chart structure now suggests the coin could potentially form a double bottom around $1.11.
On the upside, XRP needs to rise above $1.65 to signal resumed buying pressure. Analyst CryptoWZRD mentioned that any long position is contingent on the price staying above $1.53.
Derivatives data from CoinGlass shows open interest has declined 0.78% to $2.53 billion. The derivatives volume decreased by 38.97% to $4.90 billion.
The Relative Strength Index (RSI) is at 42.01, indicating neutral momentum. The Moving Average Convergence Divergence (MACD) histogram moving closer to zero signals fading bearish momentum.
XRP begins the new trading week at a critical market juncture. The next decisive move will determine the short-term trend direction.
