XRP price struggled to continue higher above the $3.25 level. The price is now correcting gains and might find bids near the $3.00 level.
XRP price started a downside correction from the $3.250 zone.
The price is now trading below $3.150 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $3.10 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might start a fresh increase if it stays above the $3.00 support.
XRP Price Dips To Support
XRP price managed to start a fresh increase from the $3.050 support zone, but upsides were limited compared to Bitcoin. The price was able to surpass the $3.150 level before the bears appeared.
A high was formed at $3.25 and the price corrected all gains. A low was formed at $3.035 and the price is now consolidating below the 23.6% Fib retracement level of the downward move from the $3.285 swing high to the $3.035 low.
The price is now trading below $3.15 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $3.10 level. There is also a connecting bearish trend line forming with resistance at $3.10 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $3.160 level or the 50% Fib retracement level of the downward move from the $3.285 swing high to the $3.035 low. The next resistance is $3.20.
A clear move above the $3.20 resistance might send the price toward the $3.250 resistance. Any more gains might send the price toward the $3.350 resistance or even $3.3650 in the near term. The next major hurdle for the bulls might be $3.450.
More Losses?
If XRP fails to clear the $3.10 resistance zone, it could start another decline. Initial support on the downside is near the $3.050 level. The next major support is near the $3.00 level.
If there is a downside break and a close below the $3.00 level, the price might continue to decline toward the $2.880 support. The next major support sits near the $2.750 zone.
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 – $3.050 and $3.00.
Major Resistance Levels – $3.10 and $3.20.
