XRP extended its decline, falling below $1.60. The price is now consolidating and could drop further if it remains under $1.50. After failing to hold above $1.80, XRP began a fresh downturn, similar to Bitcoin and Ethereum. It fell below $1.720 and $1.650, entering a short-term bearish zone, and even briefly dipped under $1.550. A low was established at $1.50 before the price started to consolidate.
There was a minor recovery above $1.550, surpassing the 23.6% Fibonacci retracement level of the drop from the $1.938 high to the $1.50 low. However, the price is now trading below $1.60 and the 100-hour Simple Moving Average. Any upward move may face resistance near $1.60, with the first major resistance at $1.650. A key bearish trend line is also forming with resistance at $1.650 on the hourly chart. A close above $1.650 could push the price toward $1.720, near the 50% Fibonacci retracement level. Further resistance lies at $1.770, followed by $1.80 and $1.8350. The next major hurdle for buyers is around $1.90.
If XRP fails to break above the $1.60 resistance, it could start another decline. Initial support is near $1.540, with the next major support at $1.5150. A break and close below $1.5150 might lead to further losses toward $1.50. The next key support is around $1.4650, below which the price could fall toward $1.420.
Technical Indicators
– Hourly MACD: Gaining momentum in the bearish zone.
– Hourly RSI: Below the 50 level.
– Major Support Levels: $1.540 and $1.50.
– Major Resistance Levels: $1.60 and $1.650.
Frequently Asked Questions
FAQs XRP Price Slips Toward 150 as Bulls Lose Momentum
BeginnerLevel Questions
1 What does it mean that bulls are losing momentum
This is a common market term Bulls are investors who believe the price will go up and buy to push it higher Losing momentum means their buying power is weakening allowing sellers to take control and push the price down
2 Why is XRPs price dropping toward 150
Prices drop when more people want to sell than buy This can happen for many reasons like negative news a general downturn in the overall crypto market profittaking after a previous rise or a loss of confidence in the assets shortterm potential
3 Is 150 a critical price level for XRP
Often round numbers like 150 can act as psychological support levels Traders watch these levels closely If the price holds above 150 it might bounce back If it breaks decisively below it could signal further declines
4 Should I buy XRP now that its cheaper
This is a personal investment decision we cannot make for you Cryptocurrencies are highly volatile A cheaper price can get even lower Always do your own research understand the risks and never invest money you cant afford to lose
5 What are support and resistance levels
Support A price level where buying interest tends to be strong enough to prevent the price from falling further
Resistance A price level where selling pressure tends to be strong enough to prevent the price from rising further 150 is currently acting as a key support level to watch
Advanced Practical Questions
6 What technical indicators might signal this loss of bullish momentum
Traders look for signs like
The price falling below a key moving average
Decreasing volume on upswings and increasing volume on downswings
Bearish patterns on charts like lower highs and lower lows
Weakness in momentum indicators like the Relative Strength Index dropping below 50