XRP Plummets Amidst Surging Sell-Off

XRP Price Dips Below $1.30

The price of XRP has continued its downward trend, trading below $1.30. The cryptocurrency is currently consolidating losses and facing resistance levels near $1.30 and $1.340.

XRP began another decline, falling below the $1.30 mark. It is now trading below this level and the 100-hourly Simple Moving Average. A bearish trend line is forming, with resistance at $1.340 on the hourly chart of the XRP/USD pair, according to data from Kraken. The pair could continue to decline if it remains below $1.340.

XRP failed to maintain its position above $1.340 and extended its decline, mirroring the trends of Bitcoin and Ethereum. The price dropped below $1.3250 and $1.3120, entering a short-term bearish zone. Losses extended below $1.30, with a low of $1.2677 recorded. The price is currently consolidating losses well below the 23.6% Fibonacci retracement level of the downward movement from the $1.3638 swing high to the $1.2677 low. XRP is trading below $1.30 and the 100-hourly Simple Moving Average.

Potential Resistance Levels

If a recovery occurs, the price may encounter resistance near $1.290. The first major resistance level is near $1.30. The primary resistance could be at $1.3150, which aligns with the 50% Fibonacci retracement level of the downward move from the $1.3638 swing high to the $1.2677 low. A close above $1.3150 could potentially push the price towards $1.3275. The next hurdle is at $1.340, where a bearish trend line also presents resistance on the hourly chart of the XRP/USD pair. A decisive move above the $1.340 resistance could drive the price towards the $1.3550 resistance level. Further gains might lead to a test of the $1.3750 resistance.

Potential for Further Losses

If XRP fails to surpass the $1.3150 resistance zone, a fresh decline could be initiated. Initial support on the downside is near $1.2675. The next significant support level is near $1.2550. A break below $1.2550 could see the price continue to decline towards $1.2320. The subsequent major support is near the $1.220 zone, below which the price could fall further to $1.20.

Technical Indicators

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

Key Levels

• Major Support Levels: $1.2675 and $1.2550
• Major Resistance Levels: $1.3150 and $1.3400