XRP Price Falls, Traders Anticipate Further Decline

XRP Price Consolidates Amidst Downward Correction

The price of XRP has begun a downward correction from the $1.3740 zone. Currently consolidating, the cryptocurrency may attempt another increase if it remains above $1.320.

Technical Analysis

XRP’s price initiated a downward correction after failing to sustain levels above $1.3620. It is now trading below $1.3580 and the 100-hourly Simple Moving Average. A bearish trend line is forming, with resistance at $1.360 on the hourly chart of the XRP/USD pair, according to data from Kraken. The pair could initiate a fresh increase if it settles above $1.3620.

Support Levels Tested

XRP struggled to maintain levels above $1.3720, mirroring declines seen in Bitcoin and Ethereum. The price dipped below $1.3620 and $1.3600. It subsequently declined below $1.3550 and briefly fell below the 50% Fibonacci retracement level of the upward movement from the $1.30 swing low to the $1.3740 high. A bearish trend line is also forming, with resistance at $1.360 on the hourly chart of the XRP/USD pair. The price is currently trading below $1.3520 and the 100-hourly Simple Moving Average.

Potential Resistance and Support Levels

If an upward move occurs, the price may encounter resistance near $1.350. The first significant resistance level is near $1.3560, above which the price could rise to test $1.360. A decisive move above the $1.360 resistance could push the price towards the $1.3720 resistance. Further gains might lead to a test of the $1.3750 resistance, with the next major challenge for bulls potentially near $1.380.

Downside Risks

If XRP fails to surpass the $1.360 resistance zone, a fresh decline could ensue. Initial support on the downside is near $1.330. The next major support levels are near $1.3280 and the 61.8% Fibonacci retracement level of the upward move from the $1.30 swing low to the $1.3740 high. A break and close below $1.3280 could see the price continue to decline towards $1.3175. The subsequent major support is near $1.3120, below which the price could fall further towards $1.3050. Further losses might lead to a test of $1.30.

Technical Indicators

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

Key Levels

• Major Support Levels: $1.3280 and $1.3120.
• Major Resistance Levels: $1.3550 and $1.3750.