XRP Price Declines Further as Downward Pressure Escalates

XRP's price has continued to fall, dropping below the $1.30 mark. Currently, it is stabilizing as it confronts obstacles around the $1.3240 and $1.3340 levels.

Key Takeaways

XRP's price has declined below $1.3050, entering a bearish zone.
It is trading beneath $1.3120 and the 100-hour Simple Moving Average.
A bearish trend line is forming with a resistance level at $1.3340 on the hourly chart of the XRP/USD pair.
The price could see further decline if it remains below $1.3340.

XRP Price Drifts Lower

Continued Decline in XRP Price

XRP has struggled to maintain its position above $1.320, leading to a continued slide, particularly in relation to Bitcoin and Ethereum. The price dropped below both $1.3150 and $1.3050, marking a shift into a short-term bearish trend.

The decline pushed the price below $1.30, hitting a low of $1.2801, after which it began to stabilize. There was a small upward movement that crossed the 23.6% Fibonacci retracement level from the decrease that began at the $1.3678 swing high to the $1.2801 low.

Currently, XRP is trading under $1.3120 and below the 100-hour Simple Moving Average. Should there be a rebound, resistance is anticipated around the $1.320 mark. The primary resistance level appears at $1.3240, which aligns with the 50% Fibonacci retracement level of the downward trend from the $1.3678 swing high to the $1.2801 low. The significant resistance level may reach $1.3340, coinciding with the emerging bearish trend line on the XRP/USD hourly chart.

XRP Price Analysis
Source: XRPUSD on TradingView.com

A break above the $1.3340 level could elevate the price to $1.350, with the next target at $1.3650. A decisive move above $1.3650 may push the price closer to the $1.380 mark. Further gains could lead the price to reach the $1.40 resistance, with the next significant challenge for bullish traders near $1.4120.

Potential for Additional Losses

Should XRP fail to surpass the $1.3340 resistance area, it could initiate a new downward trend. Initial support is located around the $1.30 level, followed by stronger support near $1.2880.

If the price closes below the $1.2880 threshold, it may continue to decline towards the $1.280 mark, with the next critical support at approximately $1.2750. Below this level, XRP could see a drop toward $1.250.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is currently below the 50 level.
Major Support Levels: $1.3000 and $1.2880.
Major Resistance Levels: $1.3240 and $1.3340.