Three Things to Know
Crypto analyst Virtual Bacon has turned bearish on XRP and expects one more leg lower before a floor forms.
The token trades under both of its key moving averages, and momentum still points down.
A single support zone near $1 now decides whether his bottom call holds or breaks.
Virtual Bacon, a crypto analyst with a retail following, has put a $1 target on XRP. He also said that level could mark the end of the token’s current decline.
The call follows a rough month for XRP, with sellers in control and buyers slow to return.
Virtual Bacon Sees XRP Testing $1 Before Any Floor
He is bearish on XRP in the near term and sees a possible stop at $1.10 first. He gave no time frame for either level.
Virtual Bacon said XRP “may have bottomed” near that level. In his view, a dip there would complete the selling.
XRP trades near $1.20, so his target sits about 17% below the current price. Support from the data sits at $0.99, just under his target, which makes that zone the real test.
A different move would argue against the call. If XRP climbs back above its 50-day average, the price traders paid on average over the past 50 sessions, sellers would lose their edge.
XRP Trades Beneath Both Averages After a 20% Monthly Slide
XRP (XRP) daily price with the nearest support (green) and resistance (red). Source: TradingView
XRP sits below both of its key moving averages. The 50-day line runs near $1.33. The 200-day average sits slightly higher. With price under both, those lines act as ceilings that any rebound would have to clear.
The 200-day average tracks the long-term trend, and price under it shows the broader direction still points lower.
XRP lost about 20% over 30 days in a steady slide. Buyers made few lasting stands along the way.
Selling has slowed since then. XRP is down about 3% over the past week, and the last 24 hours were flat.
A pause alone does not reverse a downtrend, though.
Sellers Still Hold Momentum Without Strong Conviction
The relative strength index (RSI), a 0 to 100 gauge of momentum, sits near 35 on the daily chart. That reading is weak but still above the oversold zone below 30. Sellers have room to push further before the token looks stretched, which fits the dip Virtual Bacon expects.
Another gauge, the MACD, still shows momentum pointing down.
Trend strength readings are weak, so the decline lacks force. Sellers hold the edge without pressing hard.
Why $0.99 Decides Whether the Bottom Call Holds
Overhead, the first hurdle sits near $1.25. A second ceiling waits around $1.31, just under the 50-day line. A daily close above both would show buyers taking back ground, and it would cut against the bearish view.
Below the market, the data lists only one floor. It lines up with the zone Virtual Bacon calls the likely bottom.
If XRP drops into that area and buyers step in, his bottom idea gains weight. A clean break beneath it would leave no listed support nearby and open the door to deeper losses.
Two Paths for the Next Three Days
Neither side has taken control, so the next three days could break either way.
Bullish: A daily close above the first ceiling would open the way to the second hurdle just under the 50-day line. A slip back below the nearer level Virtual Bacon flagged would cancel that setup.
Bearish: A drop below that nearer level would bring the support zone under his target into play. A reclaim of the first ceiling would invalidate this path and hand buyers the edge.
A Bottom Call That Needs the Floor to Hold
The chart leaves room for the slide Virtual Bacon describes. Buyers need to defend the floor on any test, or a possible bottom could turn into an open-ended decline.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
