XRP Price Takes Another Hit As Bitcoin-Led Weakness Spreads Across Crypto

XRP price extended losses and traded below 1.20. The price is now consolidating losses and faces hurdles near 1.1920 and 1.1950. XRP price started another decline and traded below the 1.20 zone. The price is now trading below 1.20 and the 100-hourly Simple Moving Average. There is a bearish trend line forming with resistance at 1.1950 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could continue to move down if it stays below 1.20. XRP Price Nosedives Below 1.20 XRP price failed to stay above 1.20 and extended its decline, like Bitcoin and Ethereum. The price declined below 1.1950 and 1.1920 to enter a short-term bearish zone. The price even extended losses below 1.180. A low was formed at 1.1401, 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 1.1401 low. The price is now trading below 1.1920 and the 100-hourly Simple Moving Average. If there is a fresh recovery move, the price might face resistance near the 1.1880 level. The first major resistance is near the 1.1920 level. The main resistance could be 1.1950. There is also a bearish trend line forming with resistance at 1.1950 on the hourly chart of the XRP/USD pair. A close above 1.1950 could send the price to 1.20. The next hurdle sits at 1.220. A clear move above the 1.220 resistance might send the price toward the 1.250 resistance or the 50 Fib retracement level of the downward move from the 1.3640 swing high to the 1.1401 low. Any more gains might send the price toward the 1.2850 resistance. More Losses? If XRP fails to clear the 1.1950 resistance zone, it could start a fresh decline. Initial support on the downside is near the 1.160 level. The next major support is near the 1.1550 level. If there is a downside break and a close below the 1.1550 level, the price might continue to decline toward 1.150. The next major support sits near the 1.1440 zone, below which the price could continue lower toward 1.140. 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 – 1.1600 and 1.1550. Major Resistance Levels – 1.1950 and 1.2000.