XRP Price Continues Grinding Lower As Buyers Stay On Sidelines

XRP price extended losses and traded below $1.450. The price is now consolidating losses and faces hurdles near $1.4330 and $1.4460.

The price even extended losses below $1.4350. A low was formed at $1.4109, and the price is now consolidating losses. There was a minor recovery wave above the 23.6% Fib retracement level of the downward move from the $1.4688 swing high to the $1.4109 low.

The price is now trading below $1.450 and the 100-hourly Simple Moving Average. If there is a fresh recovery move, the price might face resistance near the $1.4330 level. The first major resistance is near the $1.440 level.

The main resistance could be $1.4460 and the 61.8% Fib retracement level of the downward move from the $1.4688 swing high to the $1.4109 low. There is also a bearish trend line forming with resistance at $1.4520 on the hourly chart of the XRP/USD pair.

A close above $1.4460 could send the price to $1.4880. The next hurdle sits at $1.4950. A clear move above the $1.4950 resistance might send the price toward the $1.5050 resistance. Any more gains might send the price toward the $1.5250 resistance.

If XRP fails to clear the $1.4460 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.4180 level. The next major support is near the $1.4120 level.

If there is a downside break and a close below the $1.4120 level, the price might continue to decline toward $1.4050. The next major support sits near the $1.40 zone, below which the price could continue lower toward $1.320.

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 – $1.4120 and $1.4050.

Major Resistance Levels – $1.4330 and $1.4460.