XRP’s price fell more than 10% in the past 24 hours but is slowly recovering after finding strong support above $1.20.
The cryptocurrency market slipped in recent hours, with most leading cryptocurrencies losing more than 10% of their value. XRP had performed well in recent months; however, the broader market reversal has pushed the token into a bearish divergence.
Following yesterday’s drop, XRP has managed to stay above the $1 level after forming solid support around $1.20.
XRP Price Outlook
A look at the 4-hour XRP/USD chart shows the token gradually recovering from its recent losses. XRP has climbed about 2% against the US dollar over the past hour, has established firm support at $1.24, and at the time of writing is trading near $1.38.
If the positive momentum continues, XRP could soon challenge its 100-day simple moving average around $1.50.
4H chart of XRP/USD. Source: Coinalyze
Major technical indicators, including the MACD and RSI, remain in bearish territory. If negative market sentiment intensifies, XRP could face further losses in the coming hours, and a breakdown of the channel would put the $1.24 support level at risk.
XRP Supporters Push for Tesla Adoption
The market plunged after Elon Musk tweeted that Tesla would no longer accept bitcoin due to the environmental impact of cryptocurrency mining. Tesla indicated it would explore other cryptocurrencies with a lower environmental footprint, and some XRP supporters on Twitter are already urging the electric-vehicle maker to adopt XRP.