XRP Faces Renewed Price Pressure, Potential Weekly Breakdown Looms

XRP Price Faces Downward Correction

The price of XRP has begun a downward correction, falling below the $1.350 mark. Currently exhibiting bearish signals, the cryptocurrency may decline further, potentially dropping below $1.3120.

Technical Analysis

XRP’s price initiated a downward correction after failing to sustain its position above $1.350. It is now trading below $1.340 and the 100-hourly Simple Moving Average. A bearish trend line is forming, with resistance at $1.3580 on the hourly chart for the XRP/USD pair, according to data from Kraken. The pair could continue its downward trajectory if it remains below $1.3550.

Price Dips Below Support

XRP struggled to maintain its position above $1.3650, triggering a fresh decline mirroring movements in Bitcoin and Ethereum. The price dipped below the $1.3550 and $1.3500 levels, subsequently falling below $1.340. This move included a clear break below the 61.8% Fibonacci retracement level, calculated from the upward movement between the $1.30 swing low and the $1.3740 high. A bearish trend line is also forming, with resistance at $1.3580 on the hourly chart for the XRP/USD pair. The price is currently trading below $1.340 and the 100-hourly Simple Moving Average.

If the price attempts an upward move, it may encounter resistance near $1.3340. Initial major resistance is near $1.340, above which the price could rise to test $1.350. A decisive move above the $1.350 resistance could push the price towards the $1.3580 resistance and the trend line. Further gains might lead to a test of the $1.3650 resistance, with the next significant challenge for bulls potentially near $1.3740.

Potential for Further Decline

If XRP fails to surpass the $1.340 resistance zone, a fresh decline could be initiated. Initial support on the downside is near $1.3175. The next major support levels are near $1.3125 and the 83.2% Fibonacci retracement level, calculated from the upward movement between the $1.30 swing low and the $1.3740 high. A break and close below $1.3125 could lead to a continued decline towards $1.3020. Further support is expected near the $1.30 zone, with a potential for further losses towards $1.2920. Additional losses might lead to a test of $1.2880.

Technical Indicators

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

Major Support Levels: $1.3175 and $1.3125.

Major Resistance Levels: $1.3400 and $1.3580.