XRP Price Revisits $1.40 Level, Recovery Hopes Hang In Balance

XRP price extended losses and traded below $1.450. The price is now consolidating losses and faces hurdles near $1.420 and $1.4370.

• XRP price started another decline and traded below the $1.3550 zone.
• The price is now trading below $1.350 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at $1.420 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move down if it stays below $1.450.

XRP Price Dips Again

XRP price failed to stay above $1.4850 and extended its decline, underperforming Bitcoin and Ethereum. The price declined below $1.4650 and $1.450 to enter a short-term bearish zone.

The price even extended losses below $1.4250. A low was formed at $1.3917, and the price is now consolidating losses. There was a minor upward move toward the 23.6% Fib retracement level of the downward move from the $1.510 swing high to the $1.3917 low.

The price is now trading below $1.4250 and the 100-hourly Simple Moving Average. If there is a fresh recovery move, the price might face resistance near the $1.420 level. There is also a bearish trend line forming with resistance at $1.420 on the hourly chart of the XRP/USD pair.

Source: XRPUSD on TradingView.com

The first major resistance is near the $1.4370 level or the 38.2% Fib retracement level of the downward move from the $1.510 swing high to the $1.3917 low. The main resistance could be $1.4650. A close above $1.4650 could send the price to $1.4820. The next hurdle sits at $1.4880. A clear move above the $1.4880 resistance might send the price toward the $1.50 resistance. Any more gains might send the price toward the $1.5150 resistance.

More Losses?

If XRP fails to clear the $1.420 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.40 level. The next major support is near the $1.3840 level.