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XRP Price Rebound Fizzles Out, Downside Pressure Returns Fast
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XRP price started a downside correction from the $1.3550 zone. The price is now consolidating and might aim for another increase if it stays above the $1.30 zone.
XRP Price Holds Support
XRP price started a decent upward move above $1.3220 and $1.3250, like Bitcoin and Ethereum. The price gained pace for a clear move above the $1.3420 resistance.
A high was formed at $1.3566, and the price started a downside correction. There was a move below $1.350 and $1.340. The price dipped below the 50% Fib retracement level of the upward move from the $1.2786 swing low to the $1.3566 high.
However, the bulls were active above $1.3080 and the 61.8% Fib retracement level of the upward move from the $1.2786 swing low to the $1.3566 high. The price is now trading below $1.3220 and the 100-hourly Simple Moving Average.
If there is a fresh upward move, the price might face resistance near the $1.3250 level. The first major resistance is near the $1.3380 level. There is also a bearish trend line forming with resistance at $1.3380 on the hourly chart of the XRP/USD pair, above which the price could rise and test $1.3550.
Source: XRPUSD on TradingView.com
A clear move above the $1.3550 resistance might send the price toward the $1.380 resistance. Any more gains might send the price toward the $1.40 resistance. The next major hurdle for the bulls might be near $1.4250.
Another Drop?
If XRP fails to clear the $1.3380 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.3080 level. The next major support is near the $1.30 level.
If there is a downside break and a close below the $1.30 level, the price might continue to decline toward $1.2880. The next major support sits near the $1.2620 zone, below which the price could continue lower toward $1.250. Any more losses might call for a test of $1.2350.
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 – $1.3080 and $1.3000.
Major Resistance Levels – $1.3380 and $1.3550.