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XRP Price Faces Critical Test, Failure Could Trigger Another Slide

XRP worth did not surpass $1.550 and began one other decline. The worth is now correcting positive factors and would possibly wrestle to remain above $1.340.

  • XRP worth began a draw back correction and declined beneath $1.450.
  • The worth is now buying and selling beneath $1.420 and the 100-hourly Simple Moving Average.
  • There is a declining channel forming with resistance at $1.430 on the hourly chart of the XRP/USD pair (information supply from Kraken).
  • The pair may begin one other enhance if it stays above $1.320.

XRP Price Dips Again

XRP worth did not clear $1.550 and began a draw back correction, like Bitcoin and Ethereum. The worth dipped beneath the $1.50 and $1.480 ranges to enter a unfavourable zone.

The worth even dipped beneath the 23.6% Fib retracement stage of the upward transfer from the $1.1356 swing low to the $1.5435 high. Besides, there’s a declining channel forming with resistance at $1.430 on the hourly chart of the XRP/USD pair.

The worth is now buying and selling beneath $1.420 and the 100-hourly Simple Moving Average. If there’s a recent upward transfer, the worth would possibly face resistance close to the $1.430 stage. The first main resistance is close to the $1.450 stage, above which the worth may rise and take a look at $1.50.

A transparent transfer above the $1.50 resistance would possibly ship the worth towards the $1.545 resistance. Any extra positive factors would possibly ship the worth towards the $1.625 resistance. The subsequent main hurdle for the bulls is perhaps close to $1.720.

More Losses?

If XRP fails to clear the $1.50 resistance zone, it may begin a recent decline. Initial assist on the draw back is close to the $1.340 stage and the 50% Fib retracement stage of the upward transfer from the $1.1356 swing low to the $1.5435 high. The subsequent main assist is close to the $1.30 stage.

If there’s a draw back break and a detailed beneath the $1.30 stage, the worth would possibly proceed to say no towards $1.240. The subsequent main assist sits close to the $1.20 zone, beneath which the worth may proceed decrease towards $1.150.

Technical Indicators

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

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

Major Support Levels – $1.340 and $1.30.

Major Resistance Levels – $1.430 and $1.50.

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