XRP Price Extends Dip, Are Deeper Losses Now on the Table?
#MarchFedMeeting XRP price extended losses and traded below $1.420. The price is now consolidating losses but faces hurdles near $1.4150 and $1.420.
XRP price started another decline and traded below the $1.40 zone.
The price is now trading below $1.40 and the 100-hourly Simple Moving Average.
There is a major bearish trend line forming with resistance at $1.4120 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could continue to move down if it stays below $1.420.
XRP Price Extends Losses
XRP price failed to stay above $1.4350 and extended its decline, like Bitcoin and Ethereum. The price declined below $1.420 and $1.40 to enter a short-term bearish zone.
The price even extended losses below $1.3850. A low was formed at $1.3713, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $1.4820 swing high to the $1.3713 low.
The price is now trading below $1.40 and the 100-hourly Simple Moving Average. If there is a fresh recovery move, the price might face resistance near the $1.3980 level.
The first major resistance is near the $1.4120 level. There is also a major bearish trend line forming with resistance at $1.4120 on the hourly chart of the XRP/USD pair. The main resistance could be $1.4250 or the 50% Fib retracement level of the downward move from the $1.4820 swing high to the $1.3713 low.
A close above $1.4250 could send the price to $1.440. The next hurdle sits at $1.4560. A clear move above the $1.4560 resistance might send the price toward the $1.4820 resistance. Any more gains might send the price toward the $1.50 resistance. The next major hurdle for the bulls might be near $1.5120.