XRP Price Drifts Lower, Downside Pressure Starts to Accelerate

XRP price extended losses and traded below $1.30. The price is now consolidating losses and faces hurdles near $1.3240 and $1.3340.

• XRP price started another decline and traded below the $1.3050 zone.
• The price is now trading below $1.3120 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at $1.3340 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move down if it stays below $1.3340.

XRP Price Dips Further

XRP price failed to stay above $1.320 and extended its decline, underperforming Bitcoin and Ethereum. The price declined below $1.3150 and $1.3050 to enter a short-term bearish zone.

The price even extended losses below $1.30. A low was formed at $1.2801, and the price is now consolidating losses. There was a minor upward move above the 23.6% Fib retracement level of the downward move from the $1.3678 swing high to the $1.2801 low.

The price is now trading below $1.3120 and the 100-hourly Simple Moving Average. If there is a fresh recovery move, the price might face resistance near the $1.320 level.

The first major resistance is near the $1.3240 level or the 50% Fib retracement level of the downward move from the $1.3678 swing high to the $1.2801 low. The main resistance could be $1.3340. There is also a bearish trend line forming with resistance at $1.3340 on the hourly chart of the XRP/USD pair.

A close above $1.3340 could send the price to $1.350. The next hurdle sits at $1.3650. A clear move above the $1.3650 resistance might send the price toward the $1.380 resistance. Any more gains might send the price toward the $1.40 resistance. The next major hurdle for the bulls might be near $1.4120.

More Losses?

If XRP fails to clear the $1.3340 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.30 level. The next major support is near the $1.2880 level.

If there is a downside break and a close below the $1.2880 level, the price might continue to decline toward $1.280. The next major support sits near the $1.2750 zone, below which the price could continue lower toward $1.250.

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 – $1.3000 and $1.2880.

Major Resistance Levels – $1.3240 and $1.3340.