XRP fails to break above $1.50… warns of further downside if $1.30 gives way

Source

YM Lee

Summary

XRP was reported to have failed to break above the $1.50 resistance level, entering a short-term corrective phase.
$1.34 and $1.30 are key support zones, and a break below $1.30 on a daily close could open the door to declines to $1.24, $1.20, and $1.15.
On a rebound, after breaking above $1.43 and $1.45, a clear upside break above $1.50 could leave room for gains to $1.545, $1.625, and $1.72.

Forecast Trend Report by Period

XRP has failed to break through the $1.50 resistance level, entering a short-term corrective phase.

According to NewsBTC on the 10th (local time), XRP’s upside was capped near $1.55 before reversing lower, slipping below $1.50 and $1.48. It is currently trading below $1.42 and the 100-hour simple moving average.

Ayush Jindal, a NewsBTC analyst, said, “A bearish channel is forming on the XRP/USD hourly chart with resistance at $1.43,” adding, “If XRP fails to clearly break above the $1.50 resistance zone, additional downside could follow.”

Technically, XRP has already fallen below the 23.6% Fibonacci retracement of the advance from the $1.1356 low to the $1.5435 high. Initial support sits at $1.34, which coincides with the 50% retracement of the same move. The next key support area is seen at $1.30.

Jindal explained, “If XRP breaks below $1.30 on a daily close, it could open the door to declines toward $1.24, then $1.20 and $1.15.”

On the upside, $1.43 is the first resistance level, and the focus will be on whether XRP can break above $1.50 after reclaiming $1.45. He added, “A clear break above $1.50 could leave room for gains to $1.545 and $1.625, and then as high as $1.72.”

On technical indicators, the hourly MACD is expanding downside momentum in bearish territory, while the RSI is moving below the 50 level.

XRP