XRP Price Loses Ground As Bearish Pressure Quietly | Crypto News
XRP price began a draw back correction below the $1.3420 zone. The price is now displaying bearish indicators and may decline additional below $1.3150.
- XRP price began a draw back correction after it failed to keep above the $1.3450 zone.
- The price is now trading above $1.3150 and the 100-hourly Simple Moving Average.
- There is a declining channel forming with resistance at $1.3380 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may continue to transfer down if it stays below $1.3420.
XRP Price Dips Below Support
XRP price struggled to keep above $1.3520 and began a recent decline, like Bitcoin and Ethereum. The price dipped below the $1.350 and $1.3450 ranges.
The price declined below $1.3420. There was a clear transfer below the 38.2% Fib retracement degree of the upward transfer from the $1.2658 swing low to the $1.3642 high. Besides, there’s a declining channel forming with resistance at $1.3380 on the hourly chart of the XRP/USD pair.
The price is now trading above $1.3150 and the 100-hourly Simple Moving Average. If there’s a recent upward transfer, the price may face resistance close to the $1.3380 degree. The first major resistance is close to the $1.3420 degree, above which the price may rise and check $1.350.
A clear transfer above the $1.350 resistance may ship the price toward the $1.3580 resistance and the development line. Any more positive factors may ship the price toward the $1.3650 resistance. The next major hurdle for the bulls may be close to $1.3740.
More Downside?
If XRP fails to clear the $1.3380 resistance zone, it may start a recent decline. Initial help on the draw back is close to the $1.320 degree. The next major help is close to the $1.3150 degree and the 50% Fib retracement degree of the upward transfer from the $1.2658 swing low to the $1.3642 high.
If there’s a draw back break and a close below the $1.3150 degree, the price may continue to decline toward $1.3120. The next major help sits close to the $1.3050 zone, below which the price may continue decrease toward $1.2920. Any more losses may call for a check of $1.2880.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining tempo in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 degree.
Major Support Levels – $1.3200 and $1.3150.
Major Resistance Levels – $1.3380 and $1.3500.
Stay up to date with the latest trending crypto news! Visit our web site daily for the freshest Crypto news and content, fastidiously curated to keep you informed.
