XRP Price Tests Crucial Floor, Bearish Bias Strengthens Further
#StrategyBTCPurchase XRP price extended losses and traded below $1.350. The price is now consolidating losses but faces hurdles near $1.3650 and $1.3760.
XRP price started another decline and traded below the $1.3450 zone.
The price is now trading below $1.350 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $1.4250 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 Extends Losses
XRP price failed to stay above $1.3880 and extended its decline, like Bitcoin and Ethereum. The price declined below $1.3750 and $1.3650 to enter a short-term bearish zone.
The price even extended losses below $1.3450. A low was formed at $1.3275, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $1.4244 swing high to the $1.3275 low.
The price is now trading below $1.350 and the 100-hourly Simple Moving Average. If there is a fresh recovery move, the price might face resistance near the $1.3650 level. The first major resistance is near the $1.3750 level or the 50% Fib retracement level of the downward move from the $1.4244 swing high to the $1.3275 low.
The main resistance could be $1.40. A close above $1.40 could send the price to $1.4250. There is also a key bearish trend line forming with resistance at $1.4250 on the hourly chart of the XRP/USD pair.
The next hurdle sits at $1.4450. A clear move above the $1.4450 resistance might send the price toward the $1.4840 resistance. Any more gains might send the price toward the $1.50 resistance. The next major hurdle for the bulls might be near $1.5150.