BEARISH 📉 : XRP price declines below key support levels, risks further drop

XRP's price experienced a decline after failing to surpass $1.550, now struggling to stay above $1.340.

XRP price dropped below $1.450 and $1.420, currently below the 100-hourly Simple Moving Average.
A declining channel is forming with resistance at $1.430 on the hourly XRP/USD chart.
If the price remains above $1.320, an upward move could occur.

Current Market Situation

XRP's attempt to clear $1.550 failed, leading to a decrease similar to Bitcoin and Ethereum. The price is trading below crucial resistance levels, including $1.50 and $1.480.

The price dipped below the 23.6% Fib retracement level from the $1.1356 low to the $1.5435 high, facing resistance near $1.430 and $1.450. A breakthrough above $1.50 could test higher resistance at $1.545 and potentially $1.625.

XRP Price

Potential for Further Decline

If unable to break the $1.50 resistance, XRP might decline further.
Initial support is at $1.340, with major support at $1.30.
A break below $1.30 may lead to a decline toward $1.240 and possibly $1.150.

Technical Indicators:

Hourly MACD: Gaining momentum in the bearish zone.
Hourly RSI: Below the 50 level, indicating bearish pressure.

Support Levels: $1.340, $1.30

Resistance Levels: $1.430, $1.50