XRP Price Faces Bearish Pressure as it Drops Below $1.40

XRP price has seen continued losses, slipping below the $1.40 mark. Currently, the price is consolidating these losses, but it confronts resistance levels around $1.3750 and $1.40.

Key Takeaways

XRP has declined below the $1.40 level, facing renewed bearish pressure.
The price is trading below $1.3880 and the 100-hourly Simple Moving Average (SMA).
There is a bearish trend line present with resistance at $1.3750 as noted on the hourly chart for the XRP/USD pair (data source from Kraken).
Maintaining a position below $1.40 could signal further declines for the price.

XRP Price Turns Soft

XRP Price Declines Further

XRP price struggled to remain above $1.4120, resulting in a continued drop similar to the trends seen with Bitcoin and Ethereum. The price fell below both the $1.40 and $1.3880 levels, entering a short-term bearish market.

The decline extended further, even dipping below $1.3750, reaching a low of $1.3358. Currently, the price continues to consolidate below the 38.2% Fibonacci retracement level, corresponding to its drop from the $1.4372 swing high to the $1.3358 low.

Trading is currently situated below $1.40 and the 100-hourly SMA. Should a recovery occur, resistance may emerge near the $1.3750 level, where a bearish trend line is also forming on the hourly chart for the XRP/USD pair.

The first significant resistance lies around the $1.3850 area or at the 50% Fibonacci retracement level from the downward move, defined between the $1.4372 swing high and $1.3358 low. The primary level of resistance is at $1.40.

XRP Price Chart
Source: XRPUSD on TradingView.com

If there is a close above the $1.40 resistance, the price may advance to $1.4120. The next obstacle would be at $1.4380, and clearing this resistance could drive the price toward $1.450. Further gains could escalate the price toward the $1.4650 resistance level, with $1.50 being the next significant target for bullish movement.

Potential for Further Decline

Should XRP not breach the $1.40 resistance, another decline may commence. The initial support level on the downside is located near $1.350. The next significant level of support can be found at $1.3350.

If the price falls and closes below the $1.3350 mark, it may continue to decline towards $1.3220. After that, the noteworthy support zone would be around $1.3150. If the price dips below this level, further decrease toward $1.30 could follow.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is currently picking up speed in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is below the 50 mark.
Major Support Levels: $1.3500 and $1.3350.
Major Resistance Levels: $1.3850 and $1.4000.