XRP price failed to surpass $1.550 and started another decline. The price is now correcting gains and might struggle to stay above $1.340.
- XRP price started a downside correction and declined below $1.450.
- The price is now trading below $1.420 and the 100-hourly Simple Moving Average.
- There is a declining channel forming with resistance at $1.430 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start another increase if it stays above $1.320.
XRP Price Dips Again
XRP price failed to clear $1.550 and started a downside correction, like Bitcoin and Ethereum. The price dipped below the $1.50 and $1.480 levels to enter a negative zone.
The price even dipped below the 23.6% Fib retracement level of the upward move from the $1.1356 swing low to the $1.5435 high. Besides, there is a declining channel forming with resistance at $1.430 on the hourly chart of the XRP/USD pair.
The price is now trading below $1.420 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.430 level. The first major resistance is near the $1.450 level, above which the price could rise and test $1.50.
A clear move above the $1.50 resistance might send the price toward the $1.545 resistance. Any more gains might send the price toward the $1.625 resistance. The next major hurdle for the bulls might be near $1.720.
More Losses?
If XRP fails to clear the $1.50 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.340 level and the 50% Fib retracement level of the upward move from the $1.1356 swing low to the $1.5435 high. The next major support is near the $1.30 level.
If there is a downside break and a close below the $1.30 level, the price might continue to decline toward $1.240. The next major support sits near the $1.20 zone, below which the price could continue lower toward $1.150.
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 – $1.340 and $1.30.
Major Resistance Levels – $1.430 and $1.50.
