XRP price extended losses and traded below $1.3250. The price is now consolidating losses and faces hurdles near $1.3250 and $1.3450.
- XRP price started another decline and traded below the $1.320 zone.
- The price is now trading below $1.3220 and the 100-hourly Simple Moving Average.
- There was a break below a bullish trend line with support at $1.3160 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move down if it stays below $1.3220.
XRP Price Dips Again
XRP price failed to stay above $1.3320 and extended its decline, underperforming Bitcoin and Ethereum. The price declined below $1.3250 and $1.3220 to enter a short-term bearish zone.
There was a break below a bullish trend line with support at $1.3160 on the hourly chart of the XRP/USD pair. The price even extended losses below $1.3150. A low was formed at $1.3072, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $1.3678 swing high to the $1.3072 low.
The price is now trading below $1.3220 and the 100-hourly Simple Moving Average. If there is a fresh recovery move, the price might face resistance near the $1.3250 level.
The first major resistance is near the $1.3450 level or the 61.8% Fib retracement level of the downward move from the $1.3678 swing high to the $1.3072 low. The main resistance could be $1.3650. A close above $1.3650 could send the price to $1.3820. The next hurdle sits at $1.40. A clear move above the $1.40 resistance might send the price toward the $1.4250 resistance. Any more gains might send the price toward the $1.4250 resistance. The next major hurdle for the bulls might be near $1.450.
More Losses?
If XRP fails to clear the $1.3450 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.3080 level. 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 $1.2880. The next major support sits near the $1.2750 zone, below which the price could continue lower toward $1.250.
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 – $1.3080 and $1.3050.
Major Resistance Levels – $1.3250 and $1.3450.
