XRP price struggled to continue higher above the $3.20 level. The price dipped below $3.00 and is currently attempting to start a recovery wave.
XRP price started a downside correction from the $3.20 zone.
The price is now trading below $3.050 and the 100-hourly Simple Moving Average.
There was a break below a key bullish trend line with support at $3.120 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 Just Below Support
XRP price struggled to continue higher above the $3.20 resistance and reacted to the downside, like Bitcoin and Ethereum. The price dipped below the $3.15 and $3.12 support levels.
There was a break below a key bullish trend line with support at $3.120 on the hourly chart of the XRP/USD pair. The pair even spiked below the $3.00 support. A low was formed at $2.940 and the price is now consolidating losses.
The price is now trading below $3.120 and the 100-hourly Simple Moving Average. There was a minor move above the 23.6% Fib retracement level of the downward move from the $3.207 swing high to the $2.940 low.
On the upside, the price might face resistance near the $3.050 level or the 50% Fib retracement level of the downward move from the $3.207 swing high to the $2.940 low. The first major resistance is near the $3.150 level. 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 $3.050 resistance zone, it could start another decline. Initial support on the downside is near the $3.00 level. The next major support is near the $2.950 level.
If there is a downside break and a close below the $2.950 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 – $3.00 and $2.950.
Major Resistance Levels – $3.050 and $3.120.
