A warning has emerged that XRP could slip below $1 again as it shows renewed technical bearish signals.

Decrypto, a blockchain media outlet, reported on Oct. 27 local time that crypto analyst ChartNerd said XRP formed a dead cross on Oct. 19 on the daily chart, with the 20-day exponential moving average dropping below the 50-day line.

ChartNerd viewed the signal as similar to a past period that led to a drop of around 30 percent. At the time, XRP fell from about $1.40 to below $1 between May and August. It later rebounded to $1.70 in August and $1.60 in September, but it is again showing a bearish trend recently, the analyst said.

XRP is currently trading around $1.30 and is down 15 percent over the past month. ChartNerd pointed to XRP's failure to reclaim both the 20-day and 50-day lines as a factor of concern. If it moves back above that zone, it could open the door to a rebound, but if it fails it could slide to $1 or below, similar to the past.

Still, the same XRP chart also produced a signal that is boosting expectations for a short-term rebound. Analyst Ali Martinez (알리 마르티네즈) said the TD Sequential indicator showed a buy signal on the three-day chart. In a recent post, he noted that after three similar signals in the past, XRP rebounded 31 percent, 24 percent and 18 percent, respectively.

Martinez also presented $1.25 as a key price level this time. He said XRP could attempt a recovery toward $1.40 if it holds above $1.25. If it falls below $1.25, it could slide to $0.98, he warned.

Selling by large holders was also cited as a variable. Martinez said downside risk could grow if so-called whale investors continue profit-taking sales. XRP did once surge 70 percent within days after falling to $0.98 in August, but that rebound also did not last long.

Market participants are watching whether the $1.25 support level, already tested once over the weekend, will hold. XRP has yet to establish a clear recovery trend since that test. As a result, concerns over further losses from the dead cross and expectations for a rebound from the three-day buy signal are likely to continue to face off around $1.25 in the short term.