XRP Price Troubles Aren’t Over Yet As Downside | Crypto News
XRP price began a draw back correction below the $1.150 zone. The price is now exhibiting bearish indicators and would possibly decline additional below $1.080.
- XRP price began a draw back correction after it failed to keep above the $1.1550 zone.
- The price is now trading below $1.1350 and the 100-hourly Simple Moving Average.
- There is a bearish pattern line forming with resistance at $1.120 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may continue to transfer down if it stays below $1.1350.
XRP Price Turns Red
XRP price struggled to keep above $1.1550 and began a recent decline, like Bitcoin and Ethereum. The price dipped below the $1.150 and $1.1420 ranges.
The price even traded below the 50% Fib retracement stage of the upward transfer from the $1.050 swing low to the $1.1862 high. However, the bulls are presently defending the $1.10 assist zone. Besides, there’s a bearish pattern line forming with resistance at $1.120 on the hourly chart of the XRP/USD pair.
The price is now trading below $1.1350 and the 100-hourly Simple Moving Average. If there’s a recent upward transfer, the price would possibly face resistance close to the $1.120 stage. The first major resistance is close to the $1.1350 stage, above which the price may rise and check $1.1420.
A clear transfer above the $1.1420 resistance would possibly ship the price toward the $1.1550 resistance. Any more positive factors would possibly ship the price toward the $1.1650 resistance. The next major hurdle for the bulls may be close to $1.1840.
Downside Continuation?
If XRP fails to clear the $1.1350 resistance zone, it may start a recent decline. Initial assist on the draw back is close to the $1.10 stage. The next major assist is close to the $1.080 stage or the 76.4% Fib retracement stage of the upward transfer from the $1.050 swing low to the $1.1862 high.
If there’s a draw back break and a close below the $1.080 stage, the price would possibly continue to decline toward $1.0650. The next major assist sits close to the $1.050 zone, below which the price may continue decrease toward $1.020. Any more losses would possibly call for a check of $1.00.
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 below the 50 stage.
Major Support Levels – $1.1000 and $1.080.
Major Resistance Levels – $1.1200 and $1.1350.
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