XRP Slumps Below Major Moving Averages, Technical Weakness Looms

XRP has entered a technically weak phase after losing its multi-month support zone around $1.30, according to an analysis of the cryptocurrency's chart.

The daily chart shows a prolonged downtrend with XRP trading below all major moving averages, while the 200-day MA remains far above current levels near $1.60.

The breakdown from the descending triangle that had formed between March and May has left bulls struggling to defend the $1.30 floor, which is now likely resistance.

Momentum indicators are also struggling, with the RSI briefly entering oversold territory before bouncing slightly, suggesting some short-term relief may occur.