XRP Price Momentum Turns Fragile, Traders Brace For Further Weakness

XRP price extended losses and traded below $1.420. The price is now consolidating losses and faces hurdles near $1.40 and $1.4350.

• XRP price started another decline and traded below the $1.420 zone.
• The price is now trading below $1.40 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at $1.3950 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move down if it stays below $1.420.

XRP Price Extends Losses

XRP price failed to stay above $1.4350 and extended its decline, like Bitcoin and Ethereum. The price declined below $1.4250 and $1.420 to enter a short-term bearish zone.

The price even extended losses below $1.40. A low was formed at $1.3630, and the price is now consolidating losses well below the 23.6% Fib retracement level of the downward move from the $1.5496 swing high to the $1.3630 low.

The price is now trading below $1.420 and the 100-hourly Simple Moving Average. If there is a fresh recovery move, the price might face resistance near the $1.3920 level. There is also a bearish trend line forming with resistance at $1.3950 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $1.40 level. The main resistance could be $1.4080. A close above $1.4080 could send the price to $1.4350. The next hurdle sits at $1.4550 or the 50% Fib retracement level of the downward move from the $1.5496 swing high to the $1.3630 low.

Source: XRPUSD on TradingView.com

A clear move above the $1.4550 resistance might send the price toward the $1.4750 resistance. Any more gains might send the price toward the $1.50 resistance.

More Downside?

If XRP fails to clear the $1.4550 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.3650 level. The next major support is near the $1.350 level.