XRP price started a downside correction from the $1.40 zone. The price is now consolidating and might aim for another increase if it stays above the $1.350 zone.
- XRP price started a downside correction after it failed to clear the $1.40 zone.
- The price is now trading above $1.350 and the 100-hourly Simple Moving Average.
- There is a bullish trend line forming with support at $1.3490 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh increase if it settles above $1.3780.
XRP Price Dips Again
XRP price started a decent upward move above $1.3550 and $1.3650, like Bitcoin and Ethereum. The price gained pace for a clear move above the $1.380 resistance.
A high was formed at $1.3964, and the price started a downside correction. There was a move below $1.3680 and $1.360. The price dipped below the 50% Fib retracement level of the upward move from the $1.320 swing low to the $1.3964 high.
The price is now trading above $1.350 and the 100-hourly Simple Moving Average. There is also a bullish trend line forming with support at $1.3490 on the hourly chart of the XRP/USD pair.
If there is a fresh upward move, the price might face resistance near the $1.3680 level. The first major resistance is near the $1.3780 level, above which the price could rise and test $1.3880. A clear move above the $1.3880 resistance might send the price toward the $1.40 resistance. Any more gains might send the price toward the $1.4120 resistance. The next major hurdle for the bulls might be near $1.4250.
Another Drop?
If XRP fails to clear the $1.3680 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.3550 level. The next major support is near the $1.350 level and the trend line or the 61.8% Fib retracement level of the upward move from the $1.320 swing low to the $1.3964 high.
If there is a downside break and a close below the $1.350 level, the price might continue to decline toward $1.3380. The next major support sits near the $1.320 zone, below which the price could continue lower toward $1.30. Any more losses might call for a test of $1.2880.
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 – $1.3500 and $1.3380.
Major Resistance Levels – $1.3680 and $1.3780.
