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XRP Price Trades Below $1.40, Can It Stabilize And Rebound?
TL;DR
XRP price has fallen below $1.40, trading at $1.3680 after a decline. It faces resistance near $1.3980 and $1.40 as it consolidates losses.
Key points
- XRP price traded below $1.40
- Current price is $1.3680
- Resistance levels at $1.3980 and $1.40
- Broke below a bearish trend line
- Consolidating losses after decline
XRP price extended losses and traded below $1.40. The price is now consolidating losses and faces hurdles near $1.3980 and $1.40.
- XRP price started another decline and traded below the $1.40 zone.
- The price is now trading below $1.40 and the 100-hourly Simple Moving Average.
- There was a break above a bearish trend line with resistance at $1.3820 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move down if it stays below $1.40.
XRP Price Dips Further
XRP price failed to stay above $1.4050 and extended its decline, like Bitcoin and Ethereum. The price declined below $1.4020 and $1.40 to enter a short-term bearish zone.
The price even extended losses below $1.380. A low was formed at $1.3680, 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 $1.4470 swing high to the $1.3680 low. Besides, there was a break above a bearish trend line with resistance at $1.3820 on the hourly chart of the XRP/USD pair.
The price is now trading below $1.40 and the 100-hourly Simple Moving Average. If there is a fresh recovery move, the price might face resistance near the $1.3980 level.
Source: XRPUSD on TradingView.com
The first major resistance is near the $1.4075 level or the 50% Fib retracement level of the downward move from the $1.4470 swing high to the $1.3680 low. The main resistance could be $1.4170. A close above $1.4170 could send the price to $1.4220. 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.
More Losses?
Q&A
What is the current XRP price after the recent decline?
The current XRP price is trading at $1.3680 after falling below $1.40.
What resistance levels should XRP traders watch for?
Traders should watch for resistance levels near $1.3980 and $1.40.
What caused XRP to decline below $1.40 recently?
XRP declined below $1.40 due to a failure to maintain levels above $1.4050 and broader bearish trends in the crypto market.
