XRP price failed to surpass $1.4320 and started downside correction. The price is now holding the $1.3550 support and might aim for another increase.
- XRP price started a downside correction and declined below $1.40.
- The price is now trading above $1.370 and the 100-hourly Simple Moving Average.
- There is a key contracting triangle forming with resistance at $1.4080 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start another increase if it stays above $1.350.
XRP Price Holds Support
XRP price failed to stay above $1.420 and started a downside correction, like Bitcoin and Ethereum. The price dipped below the $1.4050 and $1.40 levels to enter a negative zone.
The price even dipped below the 23.6% Fib retracement level of the upward move from the $1.2702 swing low to the $1.4329 high. Besides, there is a key contracting triangle forming with resistance at $1.4080 on the hourly chart of the XRP/USD pair.
The bulls are now active above the $1.3650 zone. The price is now trading above $1.370 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.4050 level and the triangle’s trend line. The first major resistance is near the $1.4320 level, above which the price could rise and test $1.450.
A clear move above the $1.450 resistance might send the price toward the $1.50 resistance. Any more gains might send the price toward the $1.520 resistance. The next major hurdle for the bulls might be near $1.550.
Downside Continuation?
If XRP fails to clear the $1.4050 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.370 level. The next major support is near the $1.3515 level or the 50% Fib retracement level of the upward move from the $1.2702 swing low to the $1.4329 high.
If there is a downside break and a close below the $1.3515 level, the price might continue to decline toward $1.3080. The next major support sits near the $1.2850 zone, below which the price could continue lower toward $1.2620.
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 below the 50 level.
Major Support Levels – $1.370 and $1.3515.
Major Resistance Levels – $1.4050 and $1.4320.
