XRP price experienced a significant drop and tested the $2.650 support area. The price is currently rebounding and displaying positive signs above $3.00.
- XRP price initiated a new decline below the $3.00 mark.
- Currently, the price is trading below $3.120 and the 100-hourly Simple Moving Average.
- On the hourly chart of the XRP/USD pair (data from Kraken), a bearish trend line was broken with resistance at $2.950.
- Challenges may arise in clearing the $3.10 and $3.12 resistance levels.
XRP Price Faces Further Dip Before Potential Recovery
XRP price struggled to surpass the $3.050 resistance and reacted with a decline, similar to Bitcoin and Ethereum. Prices fell below $3.00 and $2.80 support levels.
The pair even dipped below the $2.720 support, reaching a low of $2.6562 before undergoing a corrective phase. An uptick was observed above $2.80 and $2.85 levels, breaking the 50% Fib retracement level from the recent swing low to high.
Another positive development was the breaking of a bearish trend line with resistance at $2.950 on the XRP/USD hourly chart. The price is currently below $3.120 and the 100-hourly SMA.
Looking ahead, resistance might be encountered near $3.10 or the 76.4% Fib retracement level. The initial key resistance stands at $3.120, followed by $3.150.
A decisive move above $3.150 could propel the price towards $3.20 resistance, followed by potential targets at $3.250 and $3.350. Bulls may find a significant challenge at $3.450.
Possible Further Decline?
If the $3.10 resistance remains unbroken, XRP could experience another downturn. Initial support lies at $3.00, with major support at $2.950.
A potential downside break below $2.950 could lead to a decline towards $2.880, with further support near $2.750.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is displaying bullish momentum.
Hourly RSI (Relative Strength Index) – RSI for XRP/USD is currently above the 50 level.
Key Support Levels – $3.00 and $2.950.
Key Resistance Levels – $3.100 and $3.120.
