XRP Under Pressure: Market-Wide Slump Pushes Price Below $1.20

XRP has extended its recent losses, slipping below the critical $1.20 support level as broader market weakness ripples through the cryptocurrency sector. Following a downturn led by Bitcoin and Ethereum, XRP failed to maintain its upward momentum, dropping into a short-term bearish zone and hitting a fresh low near $1.14. The asset is currently in a consolidation phase, struggling to overcome significant technical hurdles as investors weigh the impact of the ongoing market-wide correction.

Bearish Momentum Deepens

The recent price action shows XRP failing to hold the $1.20 mark, eventually sliding past the $1.1920 level to reach a low of $1.1401. This decline mirrors the "freefall" seen in major assets like Bitcoin, which has dragged the total crypto market cap lower. Technical indicators currently support this downward trend, with the Hourly MACD gaining pace in the bearish zone and the Relative Strength Index (RSI) dropping below the neutral 50 level. A bearish trend line has also formed on the hourly chart, creating a stiff resistance wall near the $1.1950 mark.

Technical Hurdles and Support Levels

For a recovery to take shape, XRP must first clear the immediate resistance at $1.1880 and $1.1920. A decisive close above $1.1950 could shift the sentiment back toward the $1.20 psychological level, potentially opening the door for a move toward $1.22 or even $1.25. However, failure to clear these hurdles may trigger another wave of selling. Initial support currently sits near $1.1600, with more significant cushions at $1.1550 and $1.1440. If the price breaks below $1.1440, analysts warn that the next major target for sellers could be as low as $1.1400.