XRP’s Rebound Weakens, Renewed Downtrend Looms

XRP Price Consolidates Amidst Recovery Wave

The price of XRP has begun a recovery, trading above $1.290 and $1.2950. Currently consolidating, the cryptocurrency could attempt further gains if it surpasses $1.3350. XRP is trading below $1.320 and the 100-hourly Simple Moving Average. A bearish trend line is forming, with resistance at $1.3420 on the hourly chart of the XRP/USD pair, according to data from Kraken. Continued upward movement is possible if the pair settles above $1.3350.

Hurdles Ahead for XRP

Supported above $1.2650, XRP initiated a recovery wave, mirroring the trends of Bitcoin and Ethereum. The price climbed above $1.2880 and $1.290, entering a short-term positive zone. Bulls pushed the price above the 50% Fibonacci retracement level, calculated from the swing high of $1.3638 to the swing low of $1.2677. However, bears are active near $1.3350. A bearish trend line is also forming, with resistance at $1.3420 on the hourly chart of the XRP/USD pair. The price is currently trading below $1.320 and the 100-hourly Simple Moving Average.

If the price continues upward, it may encounter resistance near $1.320. The first significant resistance level is near $1.3280, coinciding with the 61.8% Fibonacci retracement level, calculated from the $1.3638 swing high to the $1.2677 swing low. A close above $1.3280 could push the price towards $1.3350. The next hurdle is at $1.3420. A decisive move above the $1.3420 resistance could drive the price towards the $1.3650 resistance level. Further gains could lead to a test of the $1.380 resistance.

Potential for Another Decline

If XRP fails to break above the $1.3350 resistance zone, a fresh decline could ensue. Initial support on the downside is near $1.30. The next major support level is near $1.290. A break below $1.2720 could trigger a further decline towards $1.2650. The subsequent major support level is near $1.2550, below which the price could continue to fall towards $1.2250.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 50 level.

Major Support Levels – $1.3000 and $1.2900.

Major Resistance Levels – $1.3350 and $1.3420.