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XRP Price Tumbles Under $1.22 As Market Sentiment Turns Sour
$XRP price extended losses and traded below $1.220. The price is now consolidating losses and faces hurdles near $1.2350 and $1.250.
- $XRP price started another decline and traded below the $1.250 zone.
- The price is now trading below $1.2350 and the 100-hourly Simple Moving Average.
- There is a bearish trend line forming with resistance at $1.2850 on the hourly chart of the $XRP/USD pair (data source from Kraken).
- The pair could continue to move down if it stays below $1.250.
$XRP Price Dips Below $1.250
$XRP price failed to stay above $1.30 and extended its decline, like Bitcoin and Ethereum. The price declined below $1.2850 and $1.2650 to enter a short-term bearish zone.
The price even extended losses below $1.220. A low was formed at $1.1924, and the price is now consolidating losses well below the 23.6% Fib retracement level of the downward move from the $1.3640 swing high to the $1.1924 low.
The price is now trading below $1.2320 and the 100-hourly Simple Moving Average. If there is a fresh recovery move, the price might face resistance near the $1.2330 level. The first major resistance is near the $1.2580 level. The main resistance could be $1.2780 or the 50% Fib retracement level of the downward move from the $1.3640 swing high to the $1.1924 low.
Source: XRPUSD on TradingView.com
A close above $1.2780 could send the price to $1.2850. The next hurdle sits at $1.2880. There is also a bearish trend line forming with resistance at $1.2850 on the hourly chart of the $XRP/USD pair. A clear move above the $1.2880 resistance might send the price toward the $1.30 resistance. Any more gains might send the price toward the $1.3250 resistance.
More Losses?
If $XRP fails to clear the $1.2580 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.2050 level. The next major support is near the $1.20 level.
If there is a downside break and a close below the $1.20 level, the price might continue to decline toward $1.1920. The next major support sits near the $1.1880 zone, below which the price could continue lower toward $1.1840.
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 – $1.1920 and $1.1840.
Major Resistance Levels – $1.2350 and $1.2580.
