XRP Price Rejection Sparks Drop, Bulls Lose Short-Term Control

XRP price extended losses and traded below $1.420. The price is now consolidating losses and faces hurdles near $1.4120 and $1.4150.

• XRP price started another decline and traded below the $1.4250 zone.
• The price is now trading below $1.4150 and the 100-hourly Simple Moving Average.
• There was a break below a bullish trend line with support at $1.430 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move down if it stays below $1.4150.

XRP Price Dips Again

XRP price failed to stay above $1.440 and extended its decline, like Bitcoin and Ethereum. The price declined below $1.4320 and $1.430 to enter a short-term bearish zone.

There was a break below a bullish trend line with support at $1.430 on the hourly chart of the XRP/USD pair. The price even extended losses below $1.40. A low was formed at $1.3835, and the price is now consolidating losses. There was a minor recovery wave toward the 23.6% Fib retracement level of the downward move from the $1.4471 swing high to the $1.3835 low.

The price is now trading below $1.4120 and the 100-hourly Simple Moving Average. If there is a fresh recovery move, the price might face resistance near the $1.4010 level.

Source: XRPUSD on TradingView.com

The first major resistance is near the $1.4150 level or the 50% Fib retracement level of the downward move from the $1.4471 swing high to the $1.3835 low. The main resistance could be $1.4250. A close above $1.4250 could send the price to $1.4320. The next hurdle sits at $1.4450. A clear move above the $1.4450 resistance might send the price toward the $1.450 resistance. Any more gains might send the price toward the $1.4650 resistance.

More Losses?

If XRP fails to clear the $1.4150 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.3920 level. The next major support is near the $1.3840 level.