XRP price extended losses and traded below $1.50. The price is now consolidating losses but faces hurdles near $1.4650 and $1.50.
- XRP price started another decline and traded below the $1.50 zone.
- The price is now trading below $1.480 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1.4450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move down if it stays below $1.50.
XRP Price Extends Losses
XRP price failed to stay above $1.5350 and extended its decline, like Bitcoin and Ethereum. The price declined below $1.520 and $1.50 to enter a short-term bearish zone.
The price even extended losses below $1.450. A low was formed at $1.4228, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $1.6068 swing high to the $1.4228 low.
Recently, there was a break above a key bearish trend line with resistance at $1.4450 on the hourly chart of the XRP/USD pair. The pair is now trading below $1.50 and the 100-hourly Simple Moving Average. If there is a fresh recovery move, the price might face resistance near the $1.4650 level.
The first major resistance is near the $1.4920 level. The main resistance could be $1.50. A close above $1.50 could send the price to $1.520. The next hurdle sits at $1.5360 or the 61.8% Fib retracement level of the downward move from the $1.6068 swing high to the $1.4228 low.
A clear move above the $1.5360 resistance might send the price toward the $1.5620 resistance. Any more gains might send the price toward the $1.5750 resistance. The next major hurdle for the bulls might be near $1.60.
Another Decline?
If XRP fails to clear the $1.50 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.440 level. The next major support is near the $1.4220 level.
If there is a downside break and a close below the $1.4220 level, the price might continue to decline toward $1.4050. The next major support sits near the $1.3880 zone, below which the price could continue lower toward $1.3650.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.4400 and $1.4220.
Major Resistance Levels – $1.4650 and $1.5000.
