XRP Price Faces Further Downside Risk

XRP Price Dips Below $1.40

The price of XRP has continued its downward trend, trading below $1.40. The cryptocurrency is currently consolidating losses and facing resistance levels at $1.3650 and $1.3940.

Technical Analysis

XRP began another decline, falling below the $1.40 mark. It is now trading below $1.3880 and the 100-hourly Simple Moving Average. A bearish trend line is forming, with resistance at $1.3720 on the hourly chart of the XRP/USD pair, according to data from Kraken. The pair could continue to decline if it remains below $1.40.

XRP failed to maintain its position above $1.4150 and extended its decline, mirroring the trends of Bitcoin and Ethereum. The price dropped below $1.4050 and $1.40, entering a short-term bearish zone and even extending losses below $1.380. A low of $1.3464 was established, and the price is currently consolidating losses well below the 23.6% Fibonacci retracement level of the downward move from the $1.5495 swing high to the $1.3464 low.

The price is trading below $1.3880 and the 100-hourly Simple Moving Average. If a recovery occurs, the price may encounter resistance near the $1.3650 level. A bearish trend line is also forming, with resistance at $1.3720 on the hourly chart of the XRP/USD pair. The initial major resistance is near the $1.380 level, with the primary resistance at $1.3940. A close above $1.3940 could potentially push the price towards $1.40. The next hurdle is at $1.4250, which is also the 50% Fibonacci retracement level of the downward move from the $1.5495 swing high to the $1.3464 low. A clear move above the $1.4250 resistance could drive the price towards the $1.440 resistance, with further gains potentially leading to the $1.450 resistance.

Potential for Further Losses

If XRP fails to surpass the $1.40 resistance zone, a fresh decline could be triggered. Initial support on the downside is near the $1.3465 level, with the next major support near $1.3350. A break below $1.3350 could lead to a further decline towards $1.3220. The subsequent major support is near the $1.320 zone, below which the price could continue to fall towards $1.3120.

Technical Indicators

• Hourly MACD: The MACD for XRP/USD is gaining momentum in the bearish zone.
• Hourly RSI (Relative Strength Index): The RSI for XRP/USD is currently below the 50 level.

Key Levels

• Major Support Levels: $1.3465 and $1.3350.
• Major Resistance Levels: $1.3720 and $1.3940.