XRP Tags 1.49, Barely Hangs On Above 1.42

Yesterday XRP rallied as high as 1.4961, but it closed at 1.4231 — just shy of 1.43 on a rounded basis.

What matters now is whether 1.42 has flipped from resistance to support. 1.42 is the thickest volume shelf, and 1.43 lines up with the 38.2% retracement of August's rally. The close landed right between them.

It rallied to 1.49, but the last 4-hour candle left a long upper wick. Volume also jumped well above normal, and selling came in hard at 1.49.

The bigger picture still has a way to go. Price is back above the weekly MA20 and MA200, but the 1.55 high and the weekly MA50 at 1.61 stand in the way, one after the other. It needs a daily close above 1.4835 to revisit 1.55, and a hold above 1.55 to open 1.61.

Flows tilted slightly toward buyers. 24-hour open interest rose 8.7%, and cumulative volume from large orders was net buying. But long liquidations are clustered below 1.39 and 1.37, so if those prices break, the drop could accelerate.

If daily closes keep holding above 1.42, I see a slightly better chance of another test of 1.48. That said, the Fed decision is due in the early hours of Sept. 17 KST, so until then 1.39 is the short-term line in the sand.

If 1.39 breaks, the next support is 1.37, and if that gives way too, it could drop to 1.34. A daily close below 1.34 means this bounce structure is broken.