XRP Price Sinks Beneath Key Level, Traders Brace for Tough Recovery

XRP price extended losses and traded below $1.3650. The price is now consolidating losses but faces hurdles near $1.3620 and $1.4120.

• XRP price started another decline and traded below the $1.350 zone.
• The price is now trading below $1.3650 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance at $1.4250 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move down if it stays below $1.450.

XRP Price Extends Decline

XRP price failed to stay above $1.40 and extended its decline, like Bitcoin and Ethereum. The price declined below $1.380 and $1.3650 to enter a short-term bearish zone.

The price even extended losses below $1.350. A low was formed at $1.330, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $1.4641 swing high to the $1.3300 low.

The price is now trading below $1.3650 and the 100-hourly Simple Moving Average. If there is a fresh recovery move, the price might face resistance near the $1.3620 level. The first major resistance is near the $1.3810 level. The main resistance could be $1.4120 or the 61.8% Fib retracement level of the downward move from the $1.4641 swing high to the $1.3300 low.

There is also a key bearish trend line forming with resistance at $1.4250 on the hourly chart of the XRP/USD pair. A close above $1.4250 could send the price to $1.450.

The next hurdle sits at $1.4650. A clear move above the $1.4650 resistance might send the price toward the $1.50 resistance. Any more gains might send the price toward the $1.5250 resistance. The next major hurdle for the bulls might be near $1.550.

More Losses?

If XRP fails to clear the $1.4120 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.3320 level. The next major support is near the $1.3300 level.

If there is a downside break and a close below the $1.3300 level, the price might continue to decline toward $1.3120. The next major support sits near the $1.30 zone, below which the price could continue lower toward $1.2840.

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 – $1.3320 and $1.3300.

Major Resistance Levels – $1.3810 and $1.4120.