XRP Price Turns Soft, Red Signals Renewed Bearish Pressure
XRP price extended losses and traded below $1.40. The price is now consolidating losses but faces hurdles near $1.3750 and $1.40.
- XRP price started another decline and traded below the $1.40 zone.
- The price is now trading below $1.3880 and the 100-hourly Simple Moving Average.
- There is a bearish trend line forming with resistance at $1.3750 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move down if it stays below $1.40.
XRP Price Extends Losses
XRP price failed to stay above $1.4120 and extended its decline, like Bitcoin and Ethereum. The price declined below $1.40 and $1.3880 to enter a short-term bearish zone.
The price even extended losses below $1.3750. A low was formed at $1.3358, and the price is now consolidating losses below the 38.2% Fib retracement level of the downward move from the $1.4372 swing high to the $1.3358 low.
The price is now trading below $1.40 and the 100-hourly Simple Moving Average. If there is a fresh recovery move, the price might face resistance near the $1.3750 level. There is also a bearish trend line forming with resistance at $1.3750 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $1.3850 level or the 50% Fib retracement level of the downward move from the $1.4372 swing high to the $1.3358 low. The main resistance could be $1.40.
Source: XRPUSD on TradingView.com
A close above $1.40 could send the price to $1.4120. The next hurdle sits at $1.4380. A clear move above the $1.4380 resistance might send the price toward the $1.450 resistance. Any more gains might send the price toward the $1.4650 resistance. The next major hurdle for the bulls might be near $1.50.
Another Decline?
If XRP fails to clear the $1.40 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.350 level. The next major support is near the $1.3350 level.
If there is a downside break and a close below the $1.3350 level, the price might continue to decline toward $1.3220. The next major support sits near the $1.3150 zone, below which the price could continue lower toward $1.30.
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 $1.3350.
Major Resistance Levels – $1.3850 and $1.4000.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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