XRP's price has been on a downward spiral, with bears targeting lower levels. After breaking through the $1.50 support, the cryptocurrency is now consolidating its losses, but faces hurdles near $1.5320 and $1.550. This decline is part of a broader bearish trend, with a key trend line forming at $1.5850 on the hourly chart. If the price stays below $1.60, it could continue its downward journey.
The price has already dipped below $1.5250 and $1.50, entering a short-term bearish zone. It even extended its losses below $1.4850, forming a low at $1.4330. The price is now consolidating its losses with a bearish angle, below the 23.6% Fibonacci retracement level of the downward move from the $1.6322 swing high to the $1.4330 low.
If there is a fresh recovery, the price might face resistance near the $1.480 level. The first major resistance is near the $1.5320 level, or the 50% Fibonacci retracement level. A close above $1.5320 could send the price to $1.5850, with the next hurdle at $1.60. A clear move above $1.60 might send the price toward the $1.620 resistance, with further gains potentially leading to $1.650. However, the bulls' next major hurdle might be near $1.70.
If XRP fails to clear the $1.5320 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.4320 level, with the next major support at $1.4250. If there is a downside break and a close below $1.4250, the price might continue to decline toward $1.412. The next major support sits near the $1.4650 zone, below which the price could continue lower toward $1.450.
Technical indicators support the bearish sentiment, with the MACD gaining pace in the bearish zone and the RSI below the 50 level. The major support levels are $1.4320 and $1.4250, while the major resistance levels are $1.5320 and $1.550. This scenario could spark differing opinions, so we invite you to share your thoughts in the comments. Do you agree or disagree with this analysis? We'd love to hear your perspective.
