XRP’s price failed to break above $1.680 and has since moved lower. It is now correcting recent gains and could face difficulty staying above $1.450. After starting a downward correction, the price fell below $1.550. It is currently trading above $1.450 and the 100-hour Simple Moving Average. On the hourly chart for XRP/USD, a key bullish trend line with support at $1.4880 was broken. The pair could attempt another rise if it holds above $1.440.
XRP Price Rally Loses Momentum
XRP was unable to sustain above $1.620 and began correcting downward, similar to Bitcoin and Ethereum. The decline pushed the price below $1.60 and $1.550, moving it into negative territory. It even fell below the 61.8% Fibonacci retracement level of the upward move from the $1.3475 low to the $1.6713 high. Additionally, the key bullish trend line with support at $1.4880 was broken on the hourly chart. Buyers are now active above the $1.450 zone, with the price trading above $1.4620 and the 100-hour SMA.
If a new upward move begins, the price may encounter resistance near $1.50. The first major resistance is around $1.510. A break above that could test $1.5450, and a clear move above that level might push the price toward $1.580. Further gains could then target $1.620, with the next significant hurdle near $1.640.
Potential for Further Decline
If XRP fails to move past the $1.510 resistance zone, it could start a fresh decline. Initial support sits near $1.440. The next major support is around $1.4240, which aligns with the 76.4% Fibonacci retracement level of the move from $1.3475 to $1.6713. A downside break and close below $1.4240 could lead to a decline toward $1.40. The next major support is near $1.360, below which the price could drop further toward $1.340.
Technical Indicators
– Hourly MACD: The MACD for XRP/USD is gaining momentum in the bearish zone.
– Hourly RSI: The RSI is now below the 50 level.
– Major Support Levels: $1.440 and $1.4240.
– Major Resistance Levels: $1.50 and $1.510.
Frequently Asked Questions
FAQs XRPs Recent Price Pullback
BeginnerLevel Questions
1 What does it mean that XRP has pulled back
It simply means the price of XRP has decreased from its recent higher levels After a period of sharp increase its common for the price to dip or pull back as some traders decide to sell and take profits
2 Why did XRPs price go up so sharply recently
Sharp rises in cryptocurrency are often driven by a combination of factors like major news increased buying pressure from large investors or overall positive sentiment in the broader crypto market
3 Is a pullback after a big rise a bad sign
Not necessarily A pullback is a normal and healthy part of market cycles It can help establish new support levels and allow the asset to consolidate before its next potential move It only becomes a major concern if the price falls below key support levels
4 Should I buy XRP during a pullback
This is a personal investment decision Some traders see pullbacks as buying opportunities to enter at a lower price but it carries risk Never invest more than you can afford to lose and consider doing your own research on XRPs longterm prospects
5 What is upward momentum easing
It means the force behind the recent price increase is slowing down The buying pressure that was pushing the price up rapidly is weakening which often leads to a period of sideways movement or a pullback as selling pressure increases
Advanced Practical Questions
6 What are key technical levels to watch during this pullback
Traders watch support levelsprices where buying interest has historically been strong enough to halt a decline If XRP holds above a major support level it could be seen as a healthy correction Breaking below could signal a deeper retracement
7 How can I differentiate between a normal pullback and the start of a larger downtrend
A normal