XRP price extended losses and traded below $1.50. The price is now consolidating losses but faces hurdles near $1.5320 and $1.550.
- XRP price started another decline and traded below the $1.5250 zone.
- The price is now trading below $1.50 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $1.5850 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move down if it stays below $1.60.
XRP Price Dips Again
XRP price failed to stay above $1.5320 and extended its decline, like Bitcoin and Ethereum. The price declined below $1.5250 and $1.50 to enter a short-term bearish zone.
The price even extended losses below $1.4850. A low was formed at $1.4330, and the price is now consolidating losses with a bearish angle below the 23.6% Fib retracement level of the downward move from the $1.6322 swing high to the $1.4330 low but failed.
The price is now trading below $1.50 and the 100-hourly Simple Moving Average. There is also a bearish trend line forming with resistance at $1.5850 on the hourly chart of the XRP/USD pair.
If there is a fresh recovery move, the price might face resistance near the $1.480 level. The first major resistance is near the $1.5320 level or the 50% Fib retracement level of the downward move from the $1.6322 swing high to the $1.4330 low.
A close above $1.5320 could send the price to $1.5850. The next hurdle sits at $1.60. A clear move above the $1.60 resistance might send the price toward the $1.620 resistance. Any more gains might send the price toward the $1.650 resistance. The next major hurdle for the bulls might be near $1.70.
Another Drop?
If XRP fails to clear the $1.5320 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.4320 level. The next major support is near the $1.4250 level.
If there is a downside break and a close below the $1.4250 level, the price might continue to decline toward $1.412. The next major support sits near the $1.4650 zone, below which the price could continue lower toward $1.450.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $1.4320 and $1.4250.
Major Resistance Levels – $1.5320 and $1.550.
