XRP Slides Under $1.22 As Market Mood Sours

$XRP extended its losses and traded below $1.220. The price is now consolidating those losses and faces hurdles near $1.2350 and $1.250. $XRP started another decline and slipped under the $1.250 zone. It is now trading below $1.2350 and the 100-hourly Simple Moving Average. A bearish trend line is forming with resistance at $1.2850 on the hourly chart of the $XRP/USD pair (data from Kraken). The pair could continue lower if it stays below $1.250.

$XRP Price Dips Below $1.250

$XRP failed to hold above $1.30 and extended its decline, following the lead of Bitcoin and Ethereum. The price dropped below $1.2850 and $1.2650, stepping into a short-term bearish zone, and even extended losses under $1.220. A low was printed 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. It is trading below $1.2320 and the 100-hourly Simple Moving Average. If a fresh recovery attempt shows up, the price might meet resistance near the $1.2330 level. The first major resistance sits near $1.2580, and the main resistance could be $1.2780, or the 50% Fib retracement level of the same downward move. Source: XRPUSD on TradingView.com

A close above $1.2780 could send the price to $1.2850, with the next hurdle at $1.2880. That bearish trend line is also forming with resistance at $1.2850 on the hourly chart of the $XRP/USD pair. A clean move above the $1.2880 resistance might send the price toward the $1.30 resistance, and any additional gains could push it 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, with the next major support near $1.20. A downside break and a close below $1.20 could see the price 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. Bears, as they say, remain on the schedule.

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.