XRP Price Slides Sharply Lower As Selling Pressure | Crypto News
XRP price prolonged losses and traded below $1.30. The price is now consolidating losses and faces hurdles close to $1.30 and $1.340.
- XRP price began another decline and traded below the $1.30 zone.
- The price is now trading below $1.30 and the 100-hourly Simple Moving Average.
- There is a bearish development line forming with resistance at $1.340 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might continue to transfer down if it stays below $1.340.
XRP Price Dips Below $1.30
XRP price failed to keep above $1.340 and prolonged its decline, like Bitcoin and Ethereum. The price declined below $1.3250 and $1.3120 to enter a short-term bearish zone.
The price even prolonged losses below $1.30. A low was shaped at $1.2677, and the price is now consolidating losses effectively below the 23.6% Fib retracement degree of the downward transfer 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 may be a recent recovery transfer, the price would possibly face resistance close to the $1.290 degree. The first major resistance is close to the $1.30 degree. The main resistance could possibly be $1.3150 or the 50% Fib retracement degree of the downward transfer from the $1.3638 swing high to the $1.2677 low.
A close above $1.3150 might ship the price to $1.3275. The next hurdle sits at $1.340. There is also a bearish development line forming with resistance at $1.340 on the hourly chart of the XRP/USD pair. A clear transfer above the $1.340 resistance would possibly ship the price toward the $1.3550 resistance. Any more features would possibly ship the price toward the $1.3750 resistance.
More Losses?
If XRP fails to clear the $1.3150 resistance zone, it might start a recent decline. Initial help on the draw back is close to the $1.2675 degree. The next major help is close to the $1.2550 degree.
If there may be a draw back break and a close below the $1.2550 degree, the price would possibly continue to decline toward $1.2320. The next major help sits close to the $1.220 zone, below which the price might continue decrease toward $1.20.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining tempo in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 degree.
Major Support Levels – $1.2675 and $1.2550.
Major Resistance Levels – $1.3150 and $1.3400.
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