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. XRP price started 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 trend line forming with resistance at 1.340 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could continue to move down if it stays below 1.340. XRP Price Dips Below 1.30 XRP price failed to stay above 1.340 and extended 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 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. More Losses? 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.