XRP Price Struggles to Hold Above $1.50, Bulls Face Challenges

XRP's price has seen ongoing losses, dipping below $1.60. It is currently stabilizing, but further declines may occur if it remains under $1.50.

Key Takeaways

XRP price has dropped below the $1.60 mark and the 100-hourly Simple Moving Average.
A bearish trend line is forming with key resistance at $1.650 on the XRP/USD hourly chart.
If the price continues to stay below $1.650, a further decline is possible, especially towards the $1.50 level.

XRP Price Struggles to Hold Above $1.50

XRP Price Drops 15%

The XRP price could not maintain levels above $1.80 and has started a new decline, mirroring the trend seen in Bitcoin and Ethereum. It fell below the $1.720 and $1.650 marks, slipping into a short-term bearish territory. The price even dipped below $1.550, hitting a low around $1.50, where it is now consolidating its losses.

Despite a brief recovery above $1.550, the price is trading below $1.60 and below the 100-hourly Simple Moving Average. If an upward momentum occurs, the XRP price may encounter resistance near the $1.60 level, with the first significant resistance appearing around $1.650.

XRP Price
Source: XRPUSD on TradingView.com

If the price manages to close above $1.650, it could rise to $1.720 or meet the 50% Fibonacci retracement level of the drop from the $1.938 swing high to the $1.50 low. The next obstacle stands at $1.770, and surpassing this level might lead the price toward the $1.80 resistance. If gains continue, the next resistance could be around $1.8350, with a critical hurdle for bulls appearing near $1.90.

Potential for Further Declines

Should XRP fail to break through the $1.60 resistance zone, a new decline may ensue. Initial downside support is around the $1.540 level, with significant support following at the $1.5150 level.

If the price breaks down and closes below the $1.5150 mark, it may slide further down towards $1.50. The next major support level is around the $1.4650 zone, below which XRP could continue to dip toward $1.420.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is currently gaining momentum in the bearish territory.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is under the 50 level.
Major Support Levels: $1.540 and $1.50.
Major Resistance Levels: $1.60 and $1.650.