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XRP Price Weakness Persists With Bears Eyeing A New Leg Lower

XRP worth prolonged losses and traded under $1.550. The worth is now making an attempt to get well however faces hurdles close to $1.650 and $1.70.

  • XRP worth began a restoration wave from the $1.50 zone.
  • The worth is now buying and selling under $1.620 and the 100-hourly Simple Moving Average.
  • There is a key bearish pattern line forming with resistance at $1.6150 on the hourly chart of the XRP/USD pair (information supply from Kraken).
  • The pair may proceed to maneuver down if it stays under $1.650.

XRP Price Faces Resistance

XRP worth failed to remain above $1.650 and prolonged its decline, like Bitcoin and Ethereum. The worth declined under $1.620 and $1.60 to enter a short-term bearish zone.

The worth even spiked under $1.520. A low was fashioned at $1.50, and the value is now making an attempt to get well. There was a transfer above the $1.5750 degree. The worth surpassed the 23.6% Fib retracement degree of the downward transfer from the $1.9388 swing high to the $1.50 low.

The worth is now buying and selling under $1.620 and the 100-hourly Simple Moving Average. If there’s a recent upward transfer, the value may face resistance close to the $1.620 degree. There can be a key bearish pattern line forming with resistance at $1.6150 on the hourly chart of the XRP/USD pair.

The first main resistance is close to the $1.650 degree. A shut above $1.650 may ship the value to $1.720 or the 50% Fib retracement degree of the downward transfer from the $1.9388 swing high to the $1.50 low. The subsequent hurdle sits at $1.750. A clear transfer above the $1.750 resistance may ship the value towards the $1.780 resistance. Any extra beneficial properties may ship the value towards the $1.80 resistance. The subsequent main hurdle for the bulls may be close to $1.825.

Another Drop?

If XRP fails to clear the $1.650 resistance zone, it may begin a recent decline. Initial assist on the draw back is close to the $1.5760 degree. The subsequent main assist is close to the $1.550 degree.

If there’s a draw back break and a detailed under the $1.550 degree, the value may proceed to say no towards $1.5250. The subsequent main assist sits close to the $1.50 zone, under which the value may proceed decrease towards $1.4650.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now dropping tempo within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now under the 50 degree.

Major Support Levels – $1.5760 and $1.550.

Major Resistance Levels – $1.6150 and $1.650.

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