XRP price failed to stay above $1.3950 and started a downside correction. The price is now holding the $1.3680 support but is at risk of more losses.
- XRP price started a downside correction and declined below $1.4050.
- The price is now trading near $1.3720 and the 100-hourly Simple Moving Average.
- There is a new bearish trend line forming with resistance at $1.3910 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start another increase if it stays above $1.3680.
XRP Price Corrects Gains
XRP price failed to stay above $1.4120 and started a downside correction, like Bitcoin and Ethereum. The price dipped below the $1.4050 and $1.4020 levels to enter a negative zone.
The price even dipped below the 50% Fib retracement level of the upward move from the $1.3217 swing low to the $1.4430 high. Besides, there is a new bearish trend line forming with resistance at $1.3910 on the hourly chart of the XRP/USD pair.
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The price is now trading near $1.3720 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.3840 level. The first major resistance is near the $1.3920 level, above which the price could rise and test $1.40.
Source:
A clear move above the $1.40 resistance might send the price toward the $1.4140 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 Downside?
If XRP fails to clear the $1.40 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.370 level. The next major support is near the $1.3680 level and the 61.8% Fib retracement level of the upward move from the $1.3217 swing low to the $1.4430 high.
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If there is a downside break and a close below the $1.3680 level, the price might continue to decline toward $1.340. The next major support sits near the $1.3250 zone, below which the price could continue lower toward $1.3120. Any more losses might call for a test of $1.3050.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
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Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $1.3680 and $1.3250.
Major Resistance Levels – $1.3910 and $1.4000.
