XRP Price Weakness Persists With Bears Eyeing A New Leg Lower

[Ben Graham]

XRP price extended losses and traded below $1.550. The price is now attempting to recover but faces hurdles near $1.650 and $1.70.

• XRP price started a recovery wave from the $1.50 zone.
• The price is now trading below $1.620 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance at $1.6150 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move down if it stays below $1.650.

XRP Price Faces Resistance

XRP price failed to stay above $1.650 and extended its decline, like Bitcoin and Ethereum. The price declined below $1.620 and $1.60 to enter a short-term bearish zone.

The price even spiked below $1.520. A low was formed at $1.50, and the price is now attempting to recover. There was a move above the $1.5750 level. The price surpassed the 23.6% Fib retracement level of the downward move from the $1.9388 swing high to the $1.50 low.

The price is now trading below $1.620 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.620 level. There is also a key bearish trend line forming with resistance at $1.6150 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $1.650 level. A close above $1.650 could send the price to $1.720 or the 50% Fib retracement level of the downward move from the $1.9388 swing high to the $1.50 low. The next hurdle sits at $1.750. A clear move above the $1.750 resistance might send the price toward the $1.780 resistance. Any more gains might send the price toward the $1.80 resistance. The next major hurdle for the bulls might be near $1.825.

Another Drop?

If XRP fails to clear the $1.650 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.5760 level. The next major support is near the $1.550 level.

If there is a downside break and a close below the $1.550 level, the price might continue to decline toward $1.5250. The next major support sits near the $1.50 zone, below which the price could continue lower toward $1.4650.

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 – $1.5760 and $1.550.

Major Resistance Levels – $1.6150 and $1.650.