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XRP Price Bounce Looks Fragile, Fresh Decline Risks Begin Rising
$XRP price started a recovery wave above $1.290 and $1.2950. The price is now consolidating and might aim for a fresh move if it clears $1.3350.
- $XRP price started a recovery wave above the $1.30 zone.
- The price is now trading below $1.320 and the 100-hourly Simple Moving Average.
- There is a bearish trend line forming with resistance at $1.3420 on the hourly chart of the $XRP/USD pair (data source from Kraken).
- The pair could continue to move up if it settles above $1.3350.
$XRP Price Faces Hurdles
$XRP price remained supported above $1.2650 and started a recovery wave, like Bitcoin and Ethereum. The price was able to climb above $1.2880 and $1.290 to enter a short-term positive zone.
The bulls pushed the price above the 50% Fib retracement level of the downward move from the $1.3638 swing high to the $1.2677 swing low. However, the bears are active near $1.3350. There is also a bearish trend line forming with resistance at $1.3420 on the hourly chart of the $XRP/USD pair.
The price is now trading below $1.320 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.320 level. The first major resistance is near the $1.3280 level and the 61.8% Fib retracement level of the downward move from the $1.3638 swing high to the $1.2677 swing low.
Source: XRPUSD on TradingView.com
A close above $1.3280 could send the price to $1.3350. The next hurdle sits at $1.3420. A clear move above the $1.3420 resistance might send the price toward the $1.3650 resistance. Any more gains might send the price toward the $1.380 resistance.
Another Decline?
If $XRP fails to clear the $1.3350 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.30 level. The next major support is near the $1.290 level.
If there is a downside break and a close below the $1.2720 level, the price might continue to decline toward $1.2650. The next major support sits near the $1.2550 zone, below which the price could continue lower toward $1.2250.
Technical Indicators
Hourly MACD – The MACD for $XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for $XRP/USD is now near the 50 level.
Major Support Levels – $1.3000 and $1.2900.
Major Resistance Levels – $1.3350 and $1.3420.
See also: "Bitcoin Price Extends Decline Rapidly As Key Supports Paves Way"
