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<p>According to an analysis by Cheeky Crypto on YouTube, <a href="https://captainaltcoin.com/xrp-targets-key-price-level-amid-bullish-momentum-can-it-break-resistance/" target="_blank" rel="noopener noreferrer nofollow">XRP has been following</a> the broader crypto market’s downward trend. Technical indicators signal a potential bearish breakdown, raising concerns for traders.&nbsp;</p>
<h3 class="wp-block-heading" id="strong-xrp-technical-analysis-strong"><strong>XRP Technical Analysis</strong></h3>
<p>Cheeky Crypto’s review of XRP’s price action on the 1-hour chart focused on the anticipated movement within the 59.68-61.7 cent range. However, the wave structure was miscalculated, pointing to a more bearish outlook.&nbsp;</p>
<p><a class="wpil_keyword_link" href="https://captainaltcoin.com/ripple-xrp-price-prediction/" title="XRP" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">XRP</a> tested several critical support levels, including the 50 EMA and 50 SMA. Despite finding temporary support, XRP failed to sustain these levels and eventually closed bearish, indicating potential opportunities for short positions.</p>
<p>Additionally, the analyst highlighted an expanding diagonal pattern, which suggests further downward movement. The analyst advises traders to consider risk-reward scenarios when planning trades, particularly when targeting lower EMA levels.</p>
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<h3 class="wp-block-heading" id="strong-bearish-trend-and-relief-rally-predictions-strong"><strong>Bearish Trend and Relief Rally Predictions</strong></h3>
<p>Cheeky Crypto also predicted a brief relief rally, suggesting a potential move within the 57.1-58.9 cent range. However, the rally is expected to face resistance and result in a rejection, continuing the bearish trend.&nbsp;</p>
<p>The analysis identified low trading volumes and high volatility as factors adding uncertainty to the market, especially with the <a href="https://www.fxstreet.com/education/trading-the-federal-reserve-rate-decision-two-scenario-successful-traders-are-looking-at-202409161354" target="_blank" rel="noopener noreferrer nofollow">Federal Reserve’s interest rate</a> decisions contributing to the current environment.</p>
<p>The speaker further mentioned that XRP had reached the 1.618 Fibonacci level, a key indicator of an impulsive breakdown pattern. This level strengthens the bearish outlook for the token, aligning with the overall market sentiment.</p>
<p><strong><em>Read also: </em></strong><a href="https://captainaltcoin.com/fantom-ftm-price-surge-analyst-predicts-potential-2x-run/" target="_blank" rel="noopener noreferrer nofollow"><strong><em>Fantom (FTM) Price Surge: Analyst Predicts Potential 2x Run</em></strong></a></p>
<h3 class="wp-block-heading" id="strong-risk-reward-scenarios-for-traders-strong"><strong>Risk-Reward Scenarios for Traders</strong></h3>
<p>Traders looking to capitalize on <a href="https://coinmarketcap.com/currencies/xrp/" target="_blank" rel="noopener noreferrer nofollow">XRP’s current market</a> behavior were advised to focus on specific risk-reward strategies. Cheeky Crypto discussed potential ratios, with targets ranging from 1.5 to 2.65, especially for those taking short positions.&nbsp;</p>
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<p>The post <a href="https://captainaltcoin.com/xrp-price-faces-bearish-pressure-expert-warns-of-further-decline/" rel="noopener noreferrer nofollow">XRP Price Faces Bearish Pressure, Expert Warns of Further Decline</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

XRP Price Faces Bearish Pressure, Expert Warns of Further Decline

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