XRP Price Rebound Faces Trouble, Downside Pressure Starts Building Again

XRP price started a recovery wave above $1.360 and $1.3620. The price is now consolidating and might aim for a fresh move if it clears $1.3940.

• XRP price started a recovery wave above the $1.3620 zone.
• The price is now trading below $1.3850 and the 100-hourly Simple Moving Average.
• There was a break above a declining channel with resistance at $1.380 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move up if it settles above $1.3940.

XRP Price Eyes Recovery

XRP price remained supported above $1.3450 and started a recovery wave, like Bitcoin and Ethereum. The price was able to climb above $1.3550 and $1.360 to enter a short-term positive zone.

More importantly, there was a break above a declining channel with resistance at $1.380 on the hourly chart of the XRP/USD pair. However, the bears could be active near the $1.3820 zone and the 23.6% Fib retracement level of the downward move from the $1.5495 swing high to the $1.3465 swing low.

The price is now trading below $1.3850 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.3850 level. The first major resistance is near the $1.3940 level.

Source: XRPUSD on TradingView.com

A close above $1.3940 could send the price to $1.420. The next hurdle sits at $1.4720 or the 61.8% Fib retracement level of the downward move from the $1.5495 swing high to the $1.3465 swing low. A clear move above the $1.4720 resistance might send the price toward the $1.50 resistance. Any more gains might send the price toward the $1.520 resistance.

Another Drop?

If XRP fails to clear the $1.3940 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.3620 level. The next major support is near the $1.3550 level.