XRP price extended losses and traded below $1.30. The price is now consolidating losses but faces hurdles near $1.30 and $1.350. There is a key bearish trend line forming with resistance at $1.380 on the hourly chart of the XRPUSD pair. The pair could continue to move down if it stays below $1.40.
If there is a fresh recovery move, the price might face resistance near the $1.30 level. The first major resistance is near the $1.320 level. A close above $1.320 could send the price to $1.380, the trend line, and the 50% Fib retracement level of the downward move from the $1.6320 swing high to the $1.1350 low. The next hurdle sits at $1.40, and a clear move above could push toward the $1.420 resistance, with further gains toward $1.450 and possibly a move to $1.50.
If XRP fails to clear the $1.320 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.240 level. The next major support is near the $1.2250 level. If there is a downside break and a close below the $1.2250 level, the price might continue to decline toward $1.20, with major supports near $1.220 and $1.20 and major resistances at $1.320 and $1.380.
Leave a Reply