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XRP Price Stalls Once More, Bears Prepare for Next Leg Lower

Source Newsbtc

XRP price extended losses and traded below $1.340. The price is now consolidating losses and faces hurdles near $1.3420 and $1.3440.

XRP price started another decline and traded below the $1.340 zone.
The price is now trading below $1.3420 and the 100-hourly Simple Moving Average.
There was a break below a rising channel with support at $1.3450 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could continue to move down if it stays below $1.350.

XRP Price Dips Again

XRP price failed to stay above $1.350 and extended its decline, underperforming Bitcoin and Ethereum. The price declined below $1.3450 and $1.3420 to enter a short-term bearish zone.

There was a break below a rising channel with support at $1.3450 on the hourly chart of the XRP/USD pair. The price even extended losses below $1.40. A low was formed at $1.320, and the price is now consolidating losses. There was a minor upward move above the 23.6% Fib retracement level of the downward move from the $1.3754 swing high to the $1.320 low.

The price is now trading below $1.340 and the 100-hourly Simple Moving Average. If there is a fresh recovery move, the price might face resistance near the $1.3420 level.

The first major resistance is near the $1.3480 level or the 50% Fib retracement level of the downward move from the $1.3754 swing high to the $1.320 low. The main resistance could be $1.3620. A close above $1.3620 could send the price to $1.3750. The next hurdle sits at $1.380. A clear move above the $1.380 resistance might send the price toward the $1.3880 resistance. Any more gains might send the price toward the $1.40 resistance.

More Losses?

If XRP fails to clear the $1.3480 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.320 level. The next major support is near the $1.30 level.

If there is a downside break and a close below the $1.30 level, the price might continue to decline toward $1.2880. The next major support sits near the $1.2750 zone, below which the price could continue lower toward $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 – $1.3200 and $1.3000.

Major Resistance Levels – $1.3420 and $1.3480.

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

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