XRP Price Continues to Fall: Are Greater Losses Ahead?

XRP's price has seen a continued decline, dropping below $1.420. While it consolidates its losses, significant resistance exists around $1.4150 and $1.420.

Key Takeaways

XRP's price has fallen below the $1.40 mark, reflecting a continued downturn.
Currently trading under $1.40, the price is below the 100-hourly Simple Moving Average.
There’s a notable bearish trend line with resistance at $1.4120 in the XRP/USD hourly chart.
If the price remains under $1.420, further declines may occur.

XRP Price Extends Dip

XRP Experiences a Price Decline

XRP has struggled to remain above $1.4350, resulting in a further drop in value, similar to the trends seen in Bitcoin and Ethereum. The price fell below both $1.420 and $1.40, entering a bearish short-term zone. It even dipped beneath $1.3850, hitting a low of $1.3713, and is now consolidating below the 23.6% Fibonacci retracement level from a recent high of $1.4820 down to the $1.3713 low.

Currently, XRP trades below the $1.40 threshold and the 100-hourly Simple Moving Average. If there is any attempt at recovery, it will likely encounter resistance near the $1.3980 level. The primary resistance point is close to $1.4120, along with a key bearish trend line on the hourly chart for the XRP/USD trading pair. The significant resistance level may reach $1.4250, representing the 50% Fibonacci retracement level from the decline between $1.4820 and $1.3713.

XRP Price Analysis
Source: XRPUSD on TradingView.com

A close above the $1.4250 level could potentially lead the price upward to $1.440, with the next significant barrier at $1.4560. A decisive move past the $1.4560 resistance could allow the price to reach the $1.4820 range. Further increases might bring it toward the $1.50 resistance level, and bulls would face additional challenges near $1.5120.

Will There Be Another Decline?

Should XRP fail to surpass the resistance at the $1.4120 zone, a new decline may begin. Initial downside support is situated around the $1.380 mark, with the next significant support at about $1.3750. If the price breaks down further and closes below $1.3750, it may continue its descent towards $1.3620. Below this, the next major support level is anticipated around the $1.350 region, beyond which prices could drop to $1.3350.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is picking up momentum in the bearish territory.
Hourly RSI (Relative Strength Index): The RSI currently stands below the neutral 50 level.
Major Support Levels: $1.3800 and $1.3750.
Major Resistance Levels: $1.4120 and $1.4250.

By keeping these factors in mind, traders can better navigate the current market landscape for XRP.