XRP price extended losses and traded below $1.4320. The price is now consolidating losses but faces hurdles near $1.4750 and $1.50.
- XRP price started another decline and traded below the $1.450 zone.
- The price is now trading below $1.450 and the 100-hourly Simple Moving Average.
- There is a declining channel forming with resistance at $1.480 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move down if it stays below $1.50.
XRP Price Extends Decline
XRP price failed to stay above $1.480 and extended its decline, like Bitcoin and Ethereum. The price declined below $1.4650 and $1.450 to enter a short-term bearish zone.
The price even extended losses below $1.4320. A low was formed at $1.4102, and the price is now consolidating losses. There was a minor upward move toward the 23.6% Fib retracement level of the downward move from the $1.5119 swing high to the $1.4102 low.
The price is now trading below $1.450 and the 100-hourly Simple Moving Average. If there is a fresh recovery move, the price might face resistance near the $1.450 level. The first major resistance is near the $1.4620 level or the 50% Fib retracement level of the downward move from the $1.5119 swing high to the $1.4102 low.
The main resistance could be $1.480. There is also a declining channel forming with resistance at $1.480 on the hourly chart of the XRP/USD pair. A close above $1.480 could send the price to $1.50.
The next hurdle sits at $1.5250. A clear move above the $1.5250 resistance might send the price toward the $1.550 resistance. Any more gains might send the price toward the $1.5880 resistance. The next major hurdle for the bulls might be near $1.60.
More Losses?
If XRP fails to clear the $1.480 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.4165 level. The next major support is near the $1.410 level.
If there is a downside break and a close below the $1.410 level, the price might continue to decline toward $1.40. The next major support sits near the $1.3850 zone, below which the price could continue lower toward $1.350.
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 – $1.4165 and $1.4100.
Major Resistance Levels – $1.4500 and $1.4800.
