Key Insights:
- XRP breaks key support as technical signals show trend weakness building for several weeks.
- $1.50 wick zone emerges as next target after price rejects $0.72 and slips lower.
- Whale wallets grow by 42 in January while retail activity drops sharply from recent highs.
XRP was now priced at $1.70, down -2.48% over the last 24 hours and -11.31% over the past week. The drop follows a technical event on the weekly chart: the 20-week EMA crossing below the 55-week EMA. This cross, often used in trend analysis, suggests the downward move has been building over time.
The current price sits on a support level near $1.69, which matches the 0.382 Fibonacci retracement level. This area had acted as a short-term base during previous declines, but recent candles show selling pressure is continuing. If this zone fails, the next chart level of interest is near $1.50, where price formed long wicks during earlier trading months.
Chart Patterns and Wicks Draw Market Attention
Price is still moving within a descending broadening wedge. This pattern has been developing since the top earlier in the cycle. It reflects widening swings within a downward range. Recent candles show XRP slipping toward the lower side of the wedge.
There are price wicks from April and October sitting around the $1.50 area. These wicks formed during fast moves and were never fully revisited. One market watcher noted, “We’re getting close, real close,” referring to that level. If current pressure continues, the wick zone around $1.50 may be reached before buyers step in.
Source: ChartNerd/XRetail Pullback While Large Holders Return
Wallet data shows lower retail activity. Trade sizes between $0 and $10,000 have dropped over the past month. This often happens during cooling periods in the market when smaller investors reduce risk.
At the same time, large holders are slowly returning. Santiment reports that wallets holding 1 million or more XRP have increased by 42 since the start of January. This comes after a sharp drop of 784 such wallets between early October and the end of December. That change may suggest renewed interest from long-term holders.
Resistance Above Still Intact
The $0.72 price area acted as resistance during the most recent rally. XRP reached that zone but failed to break through. Price was rejected, and a Divergence Indicator reading of 8.24 suggested the move had gone too far, too fast.
Since then, price has continued to slide. The market is forming a series of lower highs and lower lows. As long as XRP stays below $0.72 and cannot reclaim broken support levels, the trend remains pointed toward lower zones. The wick at $1.50 now stands out as a possible next stop.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Source: https://coincu.com/analysis/xrp-lost-support-next-stopthe-1-50-wick/
