XRP Price Trims Upside, Slow Decline Signals Seller Dominance

[Ben Graham]

XRP price started a decent increase above $1.920. The price is now correcting gains and might struggle to stay in a positive zone.

• XRP price started a downside correction and tested the $1.880 zone.
• The price is now trading below $1.90 and the 100-hourly Simple Moving Average.
• There is a declining channel or a possible bullish flag pattern forming with resistance at $1.9250 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could start another increase if it clears $1.950.

XRP Price Fails At Resistance

XRP price started a downside correction from the $1.950 zone, like Bitcoin and Ethereum. The price dipped below the $1.920 and $1.90 levels to enter a consolidation phase.

The price even dipped below the 23.6% Fib retracement level of the upward move from the $1.770 swing low to the $1.9578 high. However, there is a declining channel or a possible bullish flag pattern forming with resistance at $1.9250 on the hourly chart of the XRP/USD pair.

The price is now trading below $1.90 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.90 level. The first major resistance is near the $1.920 level, above which the price could rise and test $1.950. A clear move above the $1.950 resistance might send the price toward the $2.00 resistance. Any more gains might send the price toward the $2.050 resistance. The next major hurdle for the bulls might be near $2.120.

More Losses?

If XRP fails to clear the $1.920 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.8650 level and the 50% Fib retracement level of the upward move from the $1.770 swing low to the $1.9578 high. The next major support is near the $1.8420 level.

If there is a downside break and a close below the $1.8420 level, the price might continue to decline toward $1.8150. The next major support sits near the $1.770 zone, below which the price could continue lower toward $1.720.

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 – $1.8650 and $1.8420.

Major Resistance Levels – $1.920 and $1.950.