XRP Price Softens Further, Grinding Losses Test Bullish Patience

XRP price extended losses and traded below $1.380. The price is now consolidating losses and faces hurdles near $1.3840 and $1.40.

• XRP price started another decline and traded below the $1.3840 zone.
• The price is now trading below $1.380 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at $1.3840 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move down if it stays below $1.3840.

XRP Price Dips Again

XRP price failed to stay above $1.40 and extended its decline, like Bitcoin and Ethereum. The price declined below $1.3880 and $1.3840 to enter a short-term bearish zone.

The price even extended losses below $1.350. A low was formed at $1.3460, and the price is now consolidating losses. There was a minor recovery wave above the 50% Fib retracement level of the downward move from the $1.4061 swing high to the $1.3460 low.

The price is now trading below $1.380 and the 100-hourly Simple Moving Average. If there is a fresh recovery move, the price might face resistance near the $1.3830 level and the 61.8% Fib retracement level of the downward move from the $1.4061 swing high to the $1.3460 low. There is also a bearish trend line forming with resistance at $1.3840 on the hourly chart of the XRP/USD pair.

Source: XRPUSD on TradingView.com

The first major resistance is near the $1.3920 level. The main resistance could be $1.40. A close above $1.40 could send the price to $1.420. The next hurdle sits at $1.4250. A clear move above the $1.4250 resistance might send the price toward the $1.450 resistance. Any more gains might send the price toward the $1.4650 resistance.

Another Decline?

If XRP fails to clear the $1.3840 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.3680 level. The next major support is near the $1.3620 level.