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XRP could see further downside to $1 if it loses its 20-week exponential moving average and posts a weekly close below that level, according to The Crypto Basic.
The outlet said XRP was trading at around $1.32 and hovering near its key support at the 20-week EMA, which has declined from $1.34 at the start of the year to around $1.29-$1.30 recently. If XRP closes the week below the 20-week EMA, selling pressure could intensify and push the token toward the psychological support level of $1, it said.
The outlet added that if XRP holds the 20-week EMA, it may preserve near-term support, but a broader bullish reversal would require a break above the 50-week EMA at around $1.52. That price zone has acted as a major resistance area after XRP rose to around $1.70, according to the outlet.
According to CoinMarketCap, XRP was recently trading at $1.3, down 5.16%.