XRP Price Dips as Bears Reassert Dominance

XRP Price Slides Below Key Support Levels, Bears in Control

The price of XRP has extended its losses, trading below the $1.320 mark. The cryptocurrency is currently consolidating its decline, facing immediate hurdles at $1.2880 and $1.30. XRP’s downward trajectory continued as it fell below the $1.280 zone, and is now trading beneath both this level and its 100-hourly Simple Moving Average. A bearish trend line has formed on the hourly chart for the XRP/USD pair, with resistance noted at $1.3150, according to data from Kraken. Should XRP remain below $1.30, further downward movement is anticipated.

XRP Price Dips Below $1.280

XRP failed to sustain its position above $1.320, mirroring declines seen in Bitcoin and Ethereum. The cryptocurrency’s price dropped below $1.3050 and $1.30, entering a short-term bearish territory. Losses deepened further, with the price falling below $1.2880. A low of $1.2752 was established, and XRP is now consolidating its losses significantly below the 23.6% Fibonacci retracement level of the move from the $1.3642 swing high to the $1.2752 low.

Currently trading below $1.2880 and the 100-hourly Simple Moving Average, any attempt at a recovery would likely encounter resistance near the $1.2920 level. The first significant resistance is positioned around $1.2960. The primary resistance zone could be $1.3150, or the 50% Fibonacci retracement level of the decline from the $1.3638 swing high to the $1.2677 low, which sits at $1.320. A decisive close above $1.320 could propel the price towards $1.3275, with the next hurdle at $1.340. A bearish trend line also forms with resistance at $1.340 on the hourly chart. A clear break above this $1.340 resistance might see XRP advance towards the $1.3550 resistance, with further gains potentially pushing it towards $1.3750.

More Losses on the Horizon?

If XRP is unable to overcome the $1.3150 resistance zone, a fresh decline could be initiated. Initial support on the downside is observed near the $1.2750 level. The next major support is located around $1.2550. A downside break and a close below $1.2550 could lead to a continued decline towards $1.2320. The subsequent major support is situated near the $1.220 zone, below which the price could extend its losses towards $1.20.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is currently gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is trading below the 50 level.

Major Support Levels: $1.2750 and $1.2550.
Major Resistance Levels: $1.3000 and $1.3150.