BEARISH 📉 : XRP price declines below $1.40 amidst market correction

XRP's price failed to surpass $1.50, starting another decline below $1.420.
Currently trading below $1.40 and the 100-hourly Simple Moving Average.
A declining channel forms with resistance at $1.4050 on the hourly chart.
If XRP stays above $1.3320, it could see an increase.

XRP Price Analysis

XRP dropped below $1.450 and $1.420 after failing to hold above $1.50. It dipped past the 38.2% Fib retracement from $1.1356 to $1.5435 but held near $1.340. Resistance is seen at $1.4050. An upward move could face initial resistance at $1.40, then $1.4050, potentially testing $1.4650.

XRP Price

A break above $1.4650 may push the price toward $1.50 and possibly $1.5250, with a major hurdle at $1.550.

Potential Losses

If XRP doesn't clear the $1.4050 resistance, it risks further decline. Initial support is at $1.3380, followed by $1.2920. A drop below $1.2920 could lead to $1.250 and further to $1.2320 or even $1.2150.

Technical Indicators:

MACD shows bearish momentum.
RSI is below 50, indicating weakness.
Support levels: $1.3380, $1.2920.
Resistance levels: $1.4050, $1.450.