XRP Price Signals Potential Upside Reversal After | Crypto News
XRP price prolonged losses and traded below $1.450. The price is now consolidating losses but faces hurdles close to $1.4850 and $1.50.
- XRP price began another decline and traded below the $1.50 zone.
- The price is now trading above $1.50 and the 100-hourly Simple Moving Average.
- There is a declining channel forming with resistance at $1.4920 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may continue to transfer down if it stays below $1.50.
XRP Price Finds Support
XRP price failed to keep above $1.550 and prolonged its decline, like Bitcoin and Ethereum. The price declined below $1.520 and $1.50 to enter a short-term bearish zone.
The price even prolonged losses below $1.450. A low was shaped at $1.4264, and the price is now consolidating losses. There was a minor upward transfer toward the 23.6% Fib retracement stage of the downward transfer from the $1.6712 swing high to the $1.4264 low.
The price is now trading above $1.50 and the 100-hourly Simple Moving Average. If there may be a recent recovery transfer, the price may face resistance close to the $1.490 stage. There is also a declining channel forming with resistance at $1.4920 on the hourly chart of the XRP/USD pair.
The first major resistance is close to the $1.50 stage. A close above $1.50 may ship the price to $1.5480 and the 50% Fib retracement stage of the downward transfer from the $1.6712 swing high to the $1.4264 low.
The next hurdle sits at $1.550. A clear transfer above the $1.550 resistance may ship the price toward the $1.5850 resistance. Any more positive factors may ship the price toward the $1.620 resistance. The next major hurdle for the bulls is likely to be close to $1.650.
Another Drop?
If XRP fails to clear the $1.50 resistance zone, it may start a recent decline. Initial help on the draw back is close to the $1.4420 stage. The next major help is close to the $1.4250 stage.
If there may be a draw back break and a close below the $1.4250 stage, the price may continue to decline toward $1.40. The next major help sits close to the $1.3850 zone, below which the price may continue decrease toward $1.350.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now shedding tempo in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 stage.
Major Support Levels – $1.4420 and $1.4250.
Major Resistance Levels – $1.4920 and $1.50.
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