XRP Price Pulls Back After Rally: Traders Eye Buy-the-Dip Opportunity

XRP's price has struggled to maintain levels above $1.460, leading to a downward correction. Currently, it is holding steady at the support level of $1.3880 and may target another upward movement.

Key Takeaways

XRP's price has begun a correction, moving below $1.4450.
Currently, the price is hovering above $1.380 and the 100-hour Simple Moving Average.
A key declining channel exists on the hourly chart, with resistance at $1.430 for the XRP/USD pair.
The pair may experience a rebound if it can remain above the $1.3880 support level.

XRP Price Pulls Back After Rally

XRP Price Dips to Support

Recently, XRP's price failed to stay over the $1.450 mark and initiated a downside adjustment, similar to trends observed in Bitcoin and Ethereum. The price dropped below both the $1.4450 and $1.4320 thresholds, entering into a negative territory.

The drop even breached the 50% Fibonacci retracement level of the upward surge from the $1.3362 swing low to the $1.4739 peak. Furthermore, a significant declining channel is forming with resistance at $1.430 on the hourly chart of the XRP/USD pair.

Buyers are now making their presence felt above the $1.3880 zone. As of now, the price is trading below $1.40 and the 100-hour Simple Moving Average. Should there be a fresh upward movement, XRP might confront resistance around the $1.420 mark. The first notable resistance is close to the $1.430 level, and if surpassed, the price could rise and retest the $1.450 ceiling.

XRP Price

A decisive move past the $1.450 resistance could propel the price towards the $1.4720 barrier. Further gains might lead the price to challenge the $1.50 resistance level, with the next major hurdle for buyers potentially sitting around $1.5250.

Potential for More Losses

If XRP cannot overcome the $1.430 resistance zone, it may initiate a new decline. The initial support on the downside is around the $1.40 level, with the next significant support found at $1.3880 and the 61.8% Fibonacci retracement level of the upward motion from the $1.3362 low to the $1.4739 high.

A drop below and a closure under the $1.3880 level could see the price continue its fall towards $1.3680. The following substantial support is near the $1.350 mark, beneath which the price may continue to decline towards $1.3350.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is now below the 50 mark.

Major Support Levels

$1.4000
$1.3880

Major Resistance Levels

$1.4300
$1.4500