XRP Price Drifts Lower, Downside Pressure Starts to Accelerate

XRP price extended losses and traded below $1.30. The price is now consolidating losses and faces hurdles near $1.3240 and $1.3340. XRP price started another decline and traded below the $1.3050 zone. The price is now trading below $1.3120 and the 100-hourly Simple Moving Average. There is a bearish trend line forming with resistance at $1.3340 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could continue to move down if it stays below $1.3340. XRP Price Dips Further XRP price failed to stay above $1.320 and extended its decline, underperforming Bitcoin and Ethereum. The price declined below $1.3150 and $1.3050 to enter a short-term bearish zone. The price even extended losses below $1.30. A low was formed at $1.2801, and the price is now consolidating losses. There was a minor upward move above the 23.6% Fib retracement level of the downward move from the $1.3678 swing high to the $1.2801 low. The price is now trading below $1.3120 and the 100-hourly Simpl