On April 7, the spot trading price of XRP remained at $1.3184, once again verifying the effectiveness of the downward resistance around $1.35. This price decline was not an isolated incident but rather a recurring market pattern since the end of March. It shows that, despite significant increases in trading volume, the asset price has been unable to break away from the established downward trend line.

Sellers have continued to dominate this range, and each time the price hits the resistance level and falls back, it further strengthens the bearish trend, making it difficult for bulls to mount an effective counterattack. A detailed analysis of the one-hour charts reveals that XRP is currently strictly confined within a clear downward channel. Although it has attempted several times to break upward, these attempts have all ended in failure, highlighting the stubbornness of the selling pressure above.

This deterioration in technical patterns is evident in the gradual lowering of the highest points after each price decline, indicating the presence of a persistent selling mechanism at these resistance levels. Before the most recent drop, XRP briefly rebounded to around $1.27, leading some to expect it to break through the resistance level, but the upward momentum soon faded again.

Technical indicators also suggest that XRP lacks the momentum for a short-term rebound. The MACD indicator remains in negative territory, and although its bars show slight positive values, this only indicates brief attempts at a rebound. Additionally, the daily RSI index stands at 38, indicating weak market momentum and far from reaching the oversold level that could trigger a stronger rebound. Source: TradingView