XRP Price Slides Sharply Lower As Selling Pressure Intensifies Rapidly

XRP price extended losses and traded below $1.30. The price is now consolidating losses and faces hurdles near $1.30 and $1.340.

The price even extended losses below $1.30. A low was formed at $1.2677, and the price is now consolidating losses well below the 23.6% Fib retracement level of the downward move from the $1.3638 swing high to the $1.2677 low.

The price is now trading below $1.30 and the 100-hourly Simple Moving Average. If there is a fresh recovery move, the price might face resistance near the $1.290 level. The first major resistance is near the $1.30 level. The main resistance could be $1.3150 or the 50% Fib retracement level of the downward move from the $1.3638 swing high to the $1.2677 low.

A close above $1.3150 could send the price to $1.3275. The next hurdle sits at $1.340. There is also a bearish trend line forming with resistance at $1.340 on the hourly chart of the XRP/USD pair. A clear move above the $1.340 resistance might send the price toward the $1.3550 resistance. Any more gains might send the price toward the $1.3750 resistance.

If XRP fails to clear the $1.3150 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.2675 level. The next major support is near the $1.2550 level.

If there is a downside break and a close below the $1.2550 level, the price might continue to decline toward $1.2320. The next major support sits near the $1.220 zone, below which the price could continue lower toward $1.20.

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 – $1.2675 and $1.2550.

Major Resistance Levels – $1.3150 and $1.3400.