XRP Price Slides Below Key Support Levels, Bears in Control
The price of XRP has extended its losses, trading below the $1.220 mark. The cryptocurrency is currently consolidating its decline, facing immediate resistance hurdles at $1.2350 and $1.250.
XRP Price Dips Below $1.250
XRP’s inability to sustain its position above $1.30 has led to a significant downturn, mirroring movements seen in Bitcoin and Ethereum. The digital asset fell below $1.2850 and $1.2650, entering a short-term bearish territory. Losses deepened further, pushing the price below $1.220.
A low was established at $1.1924. XRP is now consolidating these losses well below the 23.6% Fibonacci retracement level of the move from a swing high of $1.3640 to the recent low of $1.1924. The price is trading below $1.2320 and the 100-hourly Simple Moving Average.
Should a recovery attempt materialize, XRP could encounter resistance near the $1.2330 level. The first significant resistance zone is situated around $1.2580. A more substantial barrier lies at $1.2780, which also corresponds to the 50% Fibonacci retracement level of the aforementioned downward swing. A decisive close above $1.2780 could propel XRP towards $1.2850, with the next hurdle at $1.2880.
A bearish trend line is forming on the hourly chart of the XRP/USD pair, with resistance at $1.2850. A clear break above the $1.2880 resistance could pave the way for a move towards the $1.30 level. Further gains might see XRP target the $1.3250 resistance.
More Losses on the Horizon?
If XRP fails to overcome the $1.2580 resistance zone, a fresh decline could be initiated. Initial support on the downside is observed near the $1.2050 level, followed by a major support at $1.20. A downside break and a close below $1.20 could lead to further declines towards $1.1920. The next significant support is located around the $1.1880 zone, below which the price could extend lower towards $1.1840.
Technical Indicators
The hourly MACD for XRP/USD is currently gaining momentum in the bearish zone. The hourly RSI (Relative Strength Index) is trading below the 50 level, indicating bearish sentiment.
Major Support Levels: $1.1920 and $1.1840
Major Resistance Levels: $1.2350 and $1.2580
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