XRP Price Breakdown Accelerates — Can Support Absorb The Shock?

[Ben Graham]

XRP price extended losses and traded below $1.80. The price is now consolidating and might decline further if it remains below $1.8250.

• XRP price started a fresh decline below the $1.80 zone.
• The price is now trading below $1.80 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance at $1.8050 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move down if it stays below $1.8250.

XRP Price Nosedives

XRP price failed to stay above $1.90 and started a fresh decline, like Bitcoin and Ethereum. The price declined below $1.850 and $1.8250 to enter a short-term bearish zone.

The price even spiked below $1.750. A low was formed at $1.710, and the price is now consolidating losses. There was a recovery wave above $1.740. The price is approaching the 23.6% Fib retracement level of the downward move from the $1.938 swing high to the $1.710 low.

The price is now trading below $1.80 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.7650 level. The first major resistance is near the $1.80 level. There is also a key bearish trend line forming with resistance at $1.8050 on the hourly chart of the XRP/USD pair.

A close above $1.80 could send the price to $1.8250 or the 50% Fib retracement level of the downward move from the $1.938 swing high to the $1.710 low. The next hurdle sits at $1.850. A clear move above the $1.850 resistance might send the price toward the $1.880 resistance. Any more gains might send the price toward the $1.920 resistance. The next major hurdle for the bulls might be near $1.950.

Another Decline?

If XRP fails to clear the $1.80 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.740 level. The next major support is near the $1.720 level.

If there is a downside break and a close below the $1.720 level, the price might continue to decline toward $1.70. The next major support sits near the $1.6720 zone, below which the price could continue lower toward $1.650.

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 – $1.740 and $1.720.

Major Resistance Levels – $1.7650 and $1.80.