XRP Price Signals Potential Upside Reversal After Prolonged Weakness

XRP price extended losses and traded below $1.450. The price is now consolidating losses but faces hurdles near $1.4850 and $1.50.

• XRP price started another decline and traded below the $1.50 zone.
• The price is now trading above $1.50 and the 100-hourly Simple Moving Average.
• There is a declining channel forming with resistance at $1.4920 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move down if it stays below $1.50.

XRP Price Finds Support

XRP price failed to stay above $1.550 and extended its decline, like Bitcoin and Ethereum. The price declined below $1.520 and $1.50 to enter a short-term bearish zone.

The price even extended losses below $1.450. A low was formed at $1.4264, and the price is now consolidating losses. There was a minor upward move toward the 23.6% Fib retracement level of the downward move from the $1.6712 swing high to the $1.4264 low.

The price is now trading above $1.50 and the 100-hourly Simple Moving Average. If there is a fresh recovery move, the price might face resistance near the $1.490 level. There is also a declining channel forming with resistance at $1.4920 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $1.50 level. A close above $1.50 could send the price to $1.5480 and the 50% Fib retracement level of the downward move from the $1.6712 swing high to the $1.4264 low.

The next hurdle sits at $1.550. A clear move above the $1.550 resistance might send the price toward the $1.5850 resistance. Any more gains might send the price toward the $1.620 resistance. The next major hurdle for the bulls might be near $1.650.

Another Drop?

If XRP fails to clear the $1.50 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.4420 level. The next major support is near the $1.4250 level.

If there is a downside break and a close below the $1.4250 level, the price might continue to decline toward $1.40. The next major support sits near the $1.3850 zone, below which the price could continue lower toward $1.350.

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 above the 50 level.

Major Support Levels – $1.4420 and $1.4250.

Major Resistance Levels – $1.4920 and $1.50.