XRP Price Signals Downside Correction: Is a Pullback Coming?

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As a seasoned researcher with years of experience in the cryptocurrency market, I have seen my fair share of price corrections and bull runs. The recent downside correction in XRP has been no exception, as it struggles to break through key resistance levels at $1.180 and $1.20.

The price of XRP, having reached the resistance at $1.185, seems to be adjusting or “correcting” its growth. There’s a possibility it could dip back down towards the support level of $1.00 before any bullish momentum sets in.

  • XRP price started a downside correction below the $1.120 level.
  • The price is now trading below $1.100 and the 100-hourly Simple Moving Average.
  • There was a break below a key bullish trend line with support at $1.110 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could retest the $1.00 support zone before the bulls take a stand.

XRP Price Dips Again

The value of XRP failed to maintain its upward momentum beyond approximately $1.18 and $1.20. Instead, it initiated a decline and dropped below the $1.15 mark. In comparison to Bitcoin and Ethereum, XRP showed weaker performance over the past two trading sessions.

1) The price dipped beneath the 50% Fibonacci retracement mark from the low at $0.9988 to the high at $1.1860, and it also broke a significant bullish trendline with support at $1.110 on the hourly XRP/USD chart, indicating a potential bearish trend.

As a crypto investor, I find myself observing that the current trading price has dipped below the $1.100 mark and is now drawing near to the 76.4% Fibonacci retracement level of the upward trajectory from the $0.9988 swing low to the $1.1860 high.

Positively speaking, there’s a strong possibility that the price may meet resistance around the $1.100 mark. A more significant resistance point can be found at approximately $1.140. If we continue upward, another potential resistance level could emerge at $1.1850.

Moving above the $1.1850 barrier could propel the price towards the potential resistance at $1.200. Further advancements may push the price towards the upcoming resistances at $1.2250 or even $1.2320 in the short term. The next significant challenge for the price might be around $1.250.

More Downsides?

If XRP doesn’t manage to surpass the $1.140 barrier, there’s a possibility it may keep dropping. A potential floor could form around $1.040. Below that, significant support might be found near $1.00.

If the value dips and falls beneath the $1.00 mark, it could potentially drop further towards the $0.980 support level in the short term. A significant support level can be found around the $0.920 area in the near future.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

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

Major Support Levels – $1.1040 and $1.0000.

Major Resistance Levels – $1.1400 and $1.1850.

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2024-11-20 07:16