XRP Price Faces Potential Decline: Is a Further Drop on the Horizon?

XRP price has experienced a new decline starting from $1.4380. Currently, it is struggling and at risk of dipping below the $1.380 mark.

Key Takeaways

XRP price has begun a fresh decline beneath the $1.420 level.
The current trading situation shows prices below both $1.420 and the 100-hour Simple Moving Average.
A bearish trend line has broken, indicating support at $1.4050 for the XRP/USD pair.
If the price settles below $1.380, it might continue to decline further.

XRP Price Risks Fresh Drop

Update on XRP Price Trends

Recently, XRP made an attempt to rise above $1.4220 but couldn't maintain the upward momentum, similar to Bitcoin and Ethereum. Since then, the XRP price has fallen below both the $1.420 and $1.4120 levels. It also dipped below the 50% Fibonacci retracement level, which was from a recent upward movement starting at the $1.3838 swing low to the $1.4372 high. Moreover, a bullish trend line, which had support at $1.4050, has now been compromised on the hourly chart of the XRP/USD pair.

XRP is currently trading under $1.420 and is also below the 100-hourly Simple Moving Average. If there is another attempt to rise, notable resistance can be expected around the $1.4120 level, with the first significant resistance at $1.420. If the price manages to close above $1.420, it could potentially rise to $1.4380.

XRP Price Chart
Source: XRPUSD on TradingView.com

The next major hurdle for the price sits at $1.450. If XRP breaks above this level, it may target the $1.4840 resistance, with further potential gains possibly pushing it toward the $1.520 mark. A critical challenge for bullish investors might be near the $1.5550 resistance level.

Potential for Further Declines?

Should XRP fail to surpass the $1.420 resistance, it could initiate a new downward trend. Immediate support on the downside is observed around the $1.3965 mark, or the 76.4% Fibonacci retracement level of the upward movement from the $1.3838 swing low to the $1.4372 high. The next significant support level is near $1.380.

If the price experiences a downside break and a close below $1.380, it may continue to plunge toward $1.3620. The next major support level is around the $1.3450 region, below which the price could decrease further toward the $1.320 mark.

Technical Analysis

Hourly MACD: The MACD for XRP/USD is indicating increasing bearish momentum.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD currently stands below the 50 mark.
Major Support Levels: $1.3800 and $1.3450.
Major Resistance Levels: $1.4200 and $1.4380.