The XRP token struggled to maintain momentum above the $3.20 mark, eventually sliding below $3.00 and is now attempting to initiate a recovery trend.
- XRP experienced a corrective downturn from the $3.20 threshold.
- Currently, the price is trading below $3.050 and the 100-hourly Simple Moving Average.
- On the hourly chart of XRP/USD sourced from Kraken, a crucial bullish trend line was breached with support at $3.120.
- If the XRP/USD pair manages to hold above the $3.00 support, a new upward movement could be anticipated.
XRP Price Slips Below Key Level
XRP encountered resistance near $3.20 and underwent a downward correction, mirroring similar movements in Bitcoin and Ethereum. The price dropped below supports at $3.15 and $3.12.
A significant bullish trend line at $3.120 was broken on the XRP/USD hourly chart, with the pair dipping below the $3.00 level and forming a low at $2.940 before consolidating losses.
The price now hovers below $3.120 and the 100-hourly Simple Moving Average, making a minor breakthrough above the 23.6% Fib retracement level from its recent swing low.
To the upside, resistance may emerge around $3.050 or the 50% Fib retracement level, with major hurdles at $3.150 and $3.20 in the near term.
A sustained breakout above $3.20 could propel the price towards $3.250, followed by potential resistance at $3.350 and $3.3650, with a notable barrier at $3.450.
Possible Further Declines?
If XRP fails to breach the $3.050 resistance, another downward movement might ensue, with initial support at $3.00 and subsequent major support at $2.950.
A breakdown below $2.950 could lead to continued declines towards the $2.880 support and possibly the $2.750 zone.
Technical Indicators
The MACD for XRP/USD is displaying bearish momentum, while the RSI is currently below the 50 level.
Key Support Levels – $3.00 and $2.950.
Key Resistance Levels – $3.050 and $3.120.
