XRP Price Drops Near $1.50 as Buyers Lose Ground

XRP Price Update

XRP has been experiencing a downturn, dropping below $1.60. Currently, it’s stabilizing, but there’s a chance it could dip further if it stays under $1.50.

XRP started a new slide, moving below the $1.650 mark.

It’s trading below the 100-hour simple moving average at $1.60.

There’s a noteworthy bearish trend line creating resistance at $1.650, as seen in the hourly chart of the XRP/USD pair.

Staying below $1.650 could mean the decline continues.

XRP Price Drops 15%

The XRP price couldn’t surpass $1.80 and has been on a decline, much like Bitcoin and Ethereum. It fell below $1.720 and $1.650, entering a short-term bearish phase.

Prices dipped below $1.550, hitting a low of $1.50, and are currently consolidating losses. There was a brief recovery above $1.550, clearing the 23.6% Fibonacci retracement level of the drop from $1.938 to $1.50.

Currently, it’s trading under the 100-hour simple moving average at $1.60. If there’s a potential uptrend, resistance could appear around $1.60, with the first significant resistance near $1.650. The bearish trend line on the hourly chart reinforces this resistance.

If XRP finds a close above $1.650, it might rally to $1.720 or potentially hit the 50% Fibonacci retracement level of the drop from $1.938 to $1.50. The next significant resistance would be at $1.770, and breaking above this could push the price toward $1.80. Continued growth could see prices nearing the $1.8350 resistance, with the next major challenge for buyers around $1.90.

Is Another Decline Imminent?

If XRP can’t break through the resistance at $1.60, it might trigger a new decline. Immediate support is around $1.540, with the next significant level at $1.5150.

A drop and close below $1.5150 could send prices toward $1.50. Further decline could find support near the $1.4650 zone, with risks of falling to $1.420.

Technical Indicators

The hourly MACD indicates that the XRP/USD pair is currently in the bearish zone.

The Relative Strength Index (RSI) for XRP/USD is below the 50 level.

Major Support Levels: $1.540 and $1.50.

Key Resistance Levels: $1.60 and $1.650.