XRP Price Action Tightens As Traders Watch For | Crypto News
XRP price prolonged losses and traded below $1.520. The price is now consolidating losses but faces hurdles close to $1.5150 and $1.520.
- XRP price began another decline and traded below the $1.550 zone.
- The price is now trading above $1.450 and the 100-hourly Simple Moving Average.
- There is a short-term bullish pattern line forming with help at $1.4720 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might continue to transfer down if it stays below $1.550.
XRP Price Trims Most Gains
XRP price failed to keep above $1.60 and prolonged its decline, like Bitcoin and Ethereum. The price declined below $1.550 and $1.520 to enter a short-term bearish zone.
The price even prolonged losses below $1.50. A low was shaped at $1.4437, and the price is now consolidating losses. There was a minor upward transfer above the 23.6% Fib retracement stage of the downward transfer from the $1.6713 swing high to the $1.4437 low.
The price is now trading above $1.450 and the 100-hourly Simple Moving Average. There is also a short-term bullish pattern line forming with help at $1.4720 on the hourly chart of the XRP/USD pair.
If there’s a recent recovery transfer, the price may face resistance close to the $1.5150 stage. The first major resistance is close to the $1.520 stage. A close above $1.520 might ship the price to $1.550 and the 50% Fib retracement stage of the downward transfer from the $1.6713 swing high to the $1.4437 low.
The next hurdle sits at $1.5840. A clear transfer above the $1.5840 resistance may ship the price toward the $1.620 resistance. Any more positive aspects may ship the price toward the $1.650 resistance. The next major hurdle for the bulls is likely to be close to $1.6750.
Another Drop?
If XRP fails to clear the $1.520 resistance zone, it might start a recent decline. Initial help on the draw back is close to the $1.460 stage or the pattern line. The next major help is close to the $1.440 stage.
If there’s a draw back break and a close below the $1.440 stage, the price may continue to decline toward $1.380. The next major help sits close to the $1.350 zone, below which the price might continue decrease toward $1.3250.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now dropping tempo in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 stage.
Major Support Levels – $1.470 and $1.440.
Major Resistance Levels – $1.520 and $1.550.
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