XRP Price Action Tightens As Traders Watch For Breakout Or Breakdown

XRP price extended losses and traded below $1.520. The price is now consolidating losses but faces hurdles near $1.5150 and $1.520.

• XRP price started another decline and traded below the $1.550 zone.
• The price is now trading above $1.450 and the 100-hourly Simple Moving Average.
• There is a short-term bullish trend line forming with support at $1.4720 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move down if it stays below $1.550.

XRP Price Trims Most Gains

XRP price failed to stay above $1.60 and extended its decline, like Bitcoin and Ethereum.

The price declined below $1.550 and $1.520 to enter a short-term bearish zone.

The price even extended losses below $1.50. A low was formed at $1.4437, and the price is now consolidating losses. There was a minor upward move above the 23.6% Fib retracement level of the downward move from the $1.6713 swing high to the $1.4437 low.

The price is now trading above $1.450 and the 100-hourly Simple Moving Average. There is also a short-term bullish trend line forming with support at $1.4720 on the hourly chart of the XRP/USD pair.

If there is a fresh recovery move, the price might face resistance near the $1.5150 level. The first major resistance is near the $1.520 level. A close above $1.520 could send the price to $1.550 and the 50% Fib retracement level of the downward move from the $1.6713 swing high to the $1.4437 low.

The next hurdle sits at $1.5840. A clear move above the $1.5840 resistance might send the price toward the $1.620 resistance. Any more gains might send the price toward the $1.650 resistance. The next major hurdle for the bulls might be near $1.6750.

Another Drop?

If XRP fails to clear the $1.520 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.460 level or the trend line. The next major support is near the $1.440 level.

If there is a downside break and a close below the $1.440 level, the price might continue to decline toward $1.380. The next major support sits near the $1.350 zone, below which the price could continue lower toward $1.3250.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

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

Major Support Levels – $1.470 and $1.440.

Major Resistance Levels – $1.520 and $1.550.