XRP: $1.30 Resistance Continues To Favour The Bears

Weekly Resistance Holds Firm
• XRP's latest rally failed to reclaim the key $1.30 weekly resistance zone, reinforcing it as an area where sellers continue to step in.

Primary Trend Still Down
• Price remains below the falling 20-day EMA, keeping the primary trend bearish with lower highs and lower lows still dominating the chart.

Next Major Support
• Unless bulls can reclaim $1.30, the next significant technical level sits around the July 2023 multi-month support at $0.9380.

Momentum Remains Weak
• RSI continues to trade below 50, while the StochRSI is rolling over from the middle of its range, suggesting bullish momentum remains limited.

Selling Pressure Easing
• Selling volume has eased following the recent decline, but buyers have yet to show enough conviction to suggest a sustained trend reversal.

In Summary
XRP remains in a primary downtrend after another failed attempt to reclaim the important $1.30 resistance zone. The falling 20-day EMA, bearish market structure and weak momentum indicators continue to favour the downside. While selling pressure has begun to ease, buyers still have work to do before sentiment can improve. Until $1.30 is reclaimed, the probability continues to favour a move towards the next major support around $0.9380.