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XRP Price Reversal at $1.40, Gains Wiped as Bears Return

Source Newsbtc

XRP price started a downside correction from the $1.40 zone. The price is now consolidating and might aim for another increase if it stays above the $1.30 zone.

XRP price started a downside correction after it failed to clear the $1.40 zone.
The price is now trading below $1.340 and the 100-hourly Simple Moving Average.
There is a bearish trend line forming with resistance at $1.3550 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start a fresh increase if it settles above $1.3550.

XRP Price Dips Again

XRP price started a decent upward move above $1.350 and $1.3550, like Bitcoin and Ethereum. The price gained pace for a clear move above the $1.3650 resistance.

A high was formed at $1.3963, and the price started a downside correction. There was a move below $1.3650 and $1.350. The price dipped below the 50% Fib retracement level of the upward move from the $1.2940 swing low to the $1.3963 high.

The price is now trading below $1.340 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.3450 level. The first major resistance is near the $1.3550 level. There is also a bearish trend line forming with resistance at $1.3550 on the hourly chart of the XRP/USD pair, above which the price could rise and test $1.3650.

A clear move above the $1.3650 resistance might send the price toward the $1.3880 resistance. Any more gains might send the price toward the $1.40 resistance. The next major hurdle for the bulls might be near $1.4250.

Another Drop?

If XRP fails to clear the $1.3450 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.3220 level. The next major support is near the $1.3180 level or the 76.4% Fib retracement level of the upward move from the $1.2940 swing low to the $1.3963 high.

If there is a downside break and a close below the $1.3180 level, the price might continue to decline toward $1.3110. The next major support sits near the $1.2880 zone, below which the price could continue lower toward $1.2680. Any more losses might call for a test of $1.250.

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 – $1.3180 and $1.3110.

Major Resistance Levels – $1.3450 and $1.3550.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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