XRP’s price is currently undergoing a significant correction from the $1.185 resistance zone and may revisit the pivotal $1.00 support level before bullish activity resumes. Recently, XRP initiated a downward correction below the $1.120 threshold, now trading beneath $1.100 and the 100-hourly Simple Moving Average. This decline was accentuated by a break beneath a crucial bullish trend line, offering support at $1.110 on the hourly chart of the XRP/USD pair.
The attempts to breach resistances around $1.180 and $1.20 were met with selling pressure, nudging XRP into a downward trajectory below the $1.150 mark. This performance trails behind Bitcoin and Ethereum, which have held their ground more robustly in recent trading sessions. The price has fallen past the 50% Fibonacci retracement level, following an upward movement from the swing low of $0.9988 to the peak of $1.1860. Additionally, a significant bullish trend line break on the hourly chart has exacerbated the decline, leading the price to linger below $1.100 and the 100-hourly Simple Moving Average.
Presently, XRP is approaching the 76.4% Fibonacci retracement level concerning its movement from the $0.9988 low to the $1.1860 high. Should the price attempt an upward movement, it is expected to encounter resistance around $1.100. Beyond this, the next substantial resistance lies at $1.140, with the critical $1.1850 resistance level following closely. Successfully surpassing this threshold could propel the price towards the $1.200 resistance level, with potential further gains pushing it to $1.2250 or even as high as $1.2320 in the near term. The next significant obstacle might be stationed at $1.250.
However, if XRP fails to overcome the $1.140 resistance zone, further declines could be on the horizon. Initial support is gauged near the $1.040 level, followed by the crucial $1.00 support level. A break below this could usher the price down towards the $0.980 support. Should this decline continue, the next considerable support might appear in the $0.920 zone.
Technical indicators show the hourly MACD for XRP/USD gaining momentum within the bearish zone. The Relative Strength Index (RSI) is also reflecting bearish tendencies, presently resting below the critical 50 level. Major support levels are crucially positioned at $1.1040 and $1.0000, while resistance levels stand at $1.1400 and $1.1850. These metrics and thresholds will be pivotal in determining XRP’s immediate future movements and investor sentiment.
