XRP Price Snaps Back From $1.15 Collapse, Bulls Test The Waters

[Ben Graham]

XRP price extended losses and traded below $1.30. The price is now consolidating losses but faces hurdles near $1.30 and $1.350.

• XRP price started another decline and traded below the $1.30 zone.
• The price is now trading below $1.30 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance at $1.380 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 Dips Over 15%

XRP price failed to stay above $1.50 and extended its decline, like Bitcoin and Ethereum. The price declined below $1.450 and $1.40 to enter a short-term bearish zone.

The price even extended losses below $1.250. A low was formed at $1.1356, and the price is now consolidating losses. There was a minor upward move above the 23.6% Fib retracement level of the downward move from the $1.6320 swing high to the $1.1350 low.

The price is now trading below $1.30 and the 100-hourly Simple Moving Average. There is also a bearish trend line forming with resistance at $1.380 on the hourly chart of the XRP/USD pair.

If there is a fresh recovery move, the price might face resistance near the $1.30 level. The first major resistance is near the $1.320 level. A close above $1.320 could send the price to $1.380, the trend line, and the 50% Fib retracement level of the downward move from the $1.6320 swing high to the $1.1350 low.

The next hurdle sits at $1.40. A clear move above the $1.40 resistance might send the price toward the $1.420 resistance. Any more gains might send the price toward the $1.450 resistance. The next major hurdle for the bulls might be near $1.50.

Another Drop?

If XRP fails to clear the $1.320 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.240 level. The next major support is near the $1.2250 level.

If there is a downside break and a close below the $1.2250 level, the price might continue to decline toward $1.20. The next major support sits near the $1.1650 zone, below which the price could continue lower toward $1.150.

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 below the 50 level.

Major Support Levels – $1.220 and $1.20.

Major Resistance Levels – $1.320 and $1.380.