XRP's price has started a downside correction after failing to hold above the $1.3450 mark, falling below the $1.3420 zone. The cryptocurrency is now trading near $1.3150, with a declining channel forming on the hourly chart that presents resistance around $1.3380.
Resistance at $1.3380
On the hourly chart of XRP/USD, a bearish channel is taking shape. The upper boundary sits near $1.3380. XRP is currently above its 100-hourly Simple Moving Average but below that channel resistance. If the price can't break through $1.3380, another drop could follow.
The first major resistance above the channel is $1.3420, then $1.350. Beyond that, levels at $1.3580, $1.3650, and $1.3740 could come into play if buying pressure returns.
Key Support Levels
The immediate support on the downside is near $1.320. The next major floor is $1.3150 — that's the 50% Fibonacci retracement level of the move from $1.2658 to $1.3642. A close below that would open the door to further declines.
Below $1.3150, potential targets include $1.3120, $1.3050, $1.2920, and possibly $1.2880. Each of those levels has acted as support or resistance in recent trading.
Bearish Momentum on Indicators
The hourly MACD is gaining pace in bearish territory, and the hourly RSI sits below 50. Both suggest sellers have the upper hand for now.
The next few trading sessions will show whether XRP can reclaim the $1.3380 resistance or if the correction deepens toward the lower support zones.
