XRP Price Bounce Losing Steam, Failure Signals Could Emerge

XRP price started a recovery wave above $1.40 and $1.4150. The price is now consolidating and might aim for a fresh move if it clears $1.4650.

• XRP price started a recovery wave above the $1.420 zone.
• The price is now trading above $1.420 and the 100-hourly Simple Moving Average.
• There is a rising channel forming with support at $1.4190 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move up if it settles above $1.4650.

XRP Price Holds Support

XRP price remained supported above $1.3920 and started a recovery wave, like Bitcoin and Ethereum. The price was able to climb above $1.4050 and $1.4120 to enter a short-term positive zone.

There was also a move above the 38.2% Fib retracement level of the downward move from the $1.510 swing high to the $1.3917 swing low. However, the bears are now active near the $1.450 zone. Besides, there is a rising channel forming with support at $1.4190 on the hourly chart of the XRP/USD pair.

The price is now trading above $1.420 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.450 level or the 50% Fib retracement level of the downward move from the $1.510 swing high to the $1.3917 swing low.

The first major resistance is near the $1.4650 level.  A close above $1.4650 could send the price to $1.490. The next hurdle sits at $1.50. A clear move above the $1.50 resistance might send the price toward the $1.5180 resistance. Any more gains might send the price toward the $1.5320 resistance.

Another Drop?

If XRP fails to clear the $1.4650 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.420 level. The next major support is near the $1.40 level.

If there is a downside break and a close below the $1.40 level, the price might continue to decline toward $1.3750. The next major support sits near the $1.3620 zone, below which the price could continue lower toward $1.350.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $1.40 and $1.3750.

Major Resistance Levels – $1.4500 and $1.4650.