XRP price failed to stay above $1.40 and started a downside correction. The price is now holding the $1.3680 support and might aim for another increase.
- XRP price started a downside correction and declined below $1.4250.
- The price is now trading above $1.3680 and the 100-hourly Simple Moving Average.
- There was a break below a bullish trend line with support at $1.3890 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start another increase if it stays above $1.3680.
XRP Price Dips Again
XRP price failed to stay above $1.4350 and started a downside correction, like Bitcoin and Ethereum. The price dipped below the $1.4250 and $1.4120 levels to enter a negative zone.
The price even dipped below the 50% Fib retracement level of the upward move from the $1.3217 swing low to the $1.4432 high. Besides, there was a break below a bullish trend line with support at $1.3890 on the hourly chart of the XRP/USD pair.
The price is now trading above $1.3680 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.3980 level. The first major resistance is near the $1.40 level, above which the price could rise and test $1.4250.
A clear move above the $1.4250 resistance might send the price toward the $1.450 resistance. Any more gains might send the price toward the $1.50 resistance. The next major hurdle for the bulls might be near $1.5250.
More Losses?
If XRP fails to clear the $1.4250 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.3720 level. The next major support is near the $1.3680 level and the 61.8% Fib retracement level of the upward move from the $1.3217 swing low to the $1.4432 high.
If there is a downside break and a close below the $1.3680 level, the price might continue to decline toward $1.350. The next major support sits near the $1.3420 zone, below which the price could continue lower toward $1.3320. Any more losses might call for a test of $1.320.
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 – $1.3720 and $1.3680.
Major Resistance Levels – $1.4250 and $1.4500.
