XRP Price Under Pressure Again, Traders Eye Possible Weekly Breakdown

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XRP price started a downside correction below the $1.350 zone. The price is now showing bearish signs and might decline further below $1.3120.

• XRP price started a downside correction after it failed to stay above the $1.350 zone.
• The price is now trading below $1.340 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at $1.3580 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move down if it stays below $1.3550.

XRP Price Dips Below Support

XRP price struggled to stay above $1.3650 and started a fresh decline, like Bitcoin and Ethereum. The price dipped below the $1.3550 and $1.3500 levels.

The price declined below $1.340. There was a clear move below the 61.8% Fib retracement level of the upward move from the $1.30 swing low to the $1.3740 high. Besides, there is a bearish trend line forming with resistance at $1.3580 on the hourly chart of the XRP/USD pair.

The price is now trading below $1.340 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.3340 level. The first major resistance is near the $1.340 level, above which the price could rise and test $1.350.

A clear move above the $1.350 resistance might send the price toward the $1.3580 resistance and the trend line. Any more gains might send the price toward the $1.3650 resistance. The next major hurdle for the bulls might be near $1.3740.

More Downside?

If XRP fails to clear the $1.340 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.3175 level. The next major support is near the $1.3125 level and the 83.2% Fib retracement level of the upward move from the $1.30 swing low to the $1.3740 high.

If there is a downside break and a close below the $1.3125 level, the price might continue to decline toward $1.3020. The next major support sits near the $1.30 zone, below which the price could continue lower toward $1.2920. Any more losses might call for a test of $1.2880.

Technical Indicators

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

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

Major Support Levels – $1.3175 and $1.3125.

Major Resistance Levels – $1.3400 and $1.3580.