- XRP price extended losses below $1.3650 but is now consolidating, facing resistance near $1.380 and $1.3980.
- A breakout above these levels could trigger a recovery, while failure to hold support near $1.3220 may lead to further declines.
XRP price recently extended its losses, dropping below $1.3650, following a broader decline in major cryptocurrencies like Bitcoin and Ethereum. After testing lows near $1.3217, the coin is now consolidating losses, setting the stage for a potential rebound. Traders are closely watching critical support and resistance zones to gauge the next move for XRP.
XRP Faces Key Resistance Levels
The price of XRP has struggled to stay above $1.3550 and is currently trading below the 100-hourly Simple Moving Average. Technical analysis shows a key bearish trend line forming around $1.3520 on the hourly chart of the XRP/USD pair, which could limit any short-term recovery.
For a meaningful upswing, XRP needs to break above the $1.380 resistance level. Beyond this, the next significant hurdle lies near $1.3980, corresponding to the 50% Fibonacci retracement of the recent downward move from the $1.4739 swing high to the $1.3217 low. A sustained move above $1.3980 could open the path to $1.420, with subsequent resistance levels at $1.4250, $1.450, and potentially $1.4750. Bulls aiming for $1.50 will need strong market momentum to push through these barriers.
Potential Downside Risks
Despite the possibility of recovery, XRP faces downside risks if it fails to surpass the $1.380 resistance zone. Immediate support is seen near $1.3365, followed by stronger levels at $1.3220. A decisive break below $1.3220 could extend losses toward $1.3120, with additional support around $1.3080. Any failure to hold these zones could see XRP testing the $1.30 level.
Technical Indicators Signal Mixed Trends
Hourly technical indicators show a mixed picture for XRP. The MACD is losing pace in the bearish zone, suggesting weakening downward pressure, while the RSI has climbed above the 50 level, hinting at potential bullish strength. Traders will likely monitor these indicators closely to confirm whether the consolidation turns into a recovery wave or if further declines are imminent.
In summary, XRP is at a pivotal point. A clear move above $1.380 and $1.3980 could trigger a bullish rally, while failure to hold current support levels might see the price slipping further. Investors should keep an eye on these key levels for signs of the next trend.
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