XRP Price Troubles Aren’t Over Yet As Downside Risks Mount

XRP price started a downside correction below the 1.150 zone. The price is now showing bearish signs and might decline further below 1.080. XRP price started a downside correction after it failed to stay above the 1.1550 zone. The price is now trading below 1.1350 and the 100-hourly Simple Moving Average. There is a bearish trend line forming with resistance at 1.120 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could continue to move down if it stays below 1.1350. XRP Price Turns Red XRP price struggled to stay above 1.1550 and started a fresh decline, like Bitcoin and Ethereum. The price dipped below the 1.150 and 1.1420 levels. The price even traded below the 50 Fib retracement level of the upward move from the 1.050 swing low to the 1.1862 high. However, the bulls are currently protecting the 1.10 support zone. Besides, there is a bearish trend line forming with resistance at 1.120 on the hourly chart of the XRP/USD pair. The price is now trading below 1.1350 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the 1.120 level. The first major resistance is near the 1.1350 level, above which the price could rise and test 1.1420. A clear move above the 1.1420 resistance might send the price toward the 1.1550 resistance. Any more gains might send the price toward the 1.1650 resistance. The next major hurdle for the bulls might be near 1.1840. Downside Continuation? If XRP fails to clear the 1.1350 resistance zone, it could start a fresh decline. Initial support on the downside is near the 1.10 level. The next major support is near the 1.080 level or the 76.4 Fib retracement level of the upward move from the 1.050 swing low to the 1.1862 high. If there is a downside break and a close below the 1.080 level, the price might continue to decline toward 1.0650. The next major support sits near the 1.050 zone, below which the price could continue lower toward 1.020. Any more losses might call for a test of 1.00. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – 1.1000 and 1.080. Major Resistance Levels – 1.1200 and 1.1350.