BEARISH 📉 : XRP price struggles below key resistance levels amid correction
XRP price experienced a downside correction after failing to maintain levels above $1.420, dropping below $1.380. Key points include:
- The price is trading under $1.3740 and the 100-hour Simple Moving Average.
- A bearish trend line is forming with resistance at $1.3880 on the hourly chart of XRP/USD.
- Support is holding at $1.3320, which may lead to another upward move if maintained.
XRP Price Analysis
The downward correction saw XRP fall below $1.3920 and $1.3880, entering a negative zone similar to Bitcoin and Ethereum. The price moved past the 50% Fib retracement from $1.2702 to $1.4330.
If XRP can clear the immediate resistance at $1.3880, it might test $1.40. Further gains could target $1.4320 and potentially $1.450, with a major hurdle around $1.50.
Potential Downside Risks
Failure to break the $1.3880 resistance might lead to a decline. Initial support is at $1.3320, followed by $1.3085. A break below $1.3085 could push the price further down to $1.2880 or even $1.250.
Technical Indicators:
- Hourly MACD: Losing pace in the bullish zone.
- Hourly RSI: Below 50.
Support Levels: $1.3320 and $1.3085.
Resistance Levels: $1.3880 and $1.4000.