The XRP price has encountered challenges in sustaining momentum above the $3.25 threshold. Currently, the asset is retracing its gains and may find support around the $3.00 mark.
- XRP has initiated a downward correction from the $3.250 resistance zone.
- The cryptocurrency is now trading below $3.150 and the 100-hour Simple Moving Average.
- A bearish trend line is forming with resistance positioned at $3.10 on the hourly chart of the XRP/USD trading pair (data sourced from Kraken).
- If the price remains above the $3.00 support level, it could potentially initiate a rebound.
XRP Price Falls Towards Key Support
XRP experienced a limited upward movement following support from the $3.050 zone, notably lagging behind Bitcoin. The price momentarily crossed the $3.150 level before encountering selling pressure.
<p A peak was reached at $3.25 before a price correction took place. The asset then hit a low of $3.035 and is now consolidating beneath the 23.6% Fibonacci retracement level from the decline stretching from the $3.285 swing high to the $3.035 low.
The XRP price trades below $3.15 alongside the 100-hour Simple Moving Average. On the upside, resistance appears near the $3.10 level, where a bearish trend line is also emerging, as illustrated on the hourly chart for the XRP/USD pair.
Key resistance levels include $3.160, representing the 50% Fibonacci retracement from the drop between the $3.285 and $3.035 marks, with further resistance at $3.20.
A decisive breakout above the $3.20 resistance could lead the price towards the $3.250 resistance. Continued upward momentum could follow towards the $3.350 mark and potentially $3.3650 in the near future. The next significant resistance could present itself at $3.450.
Further Declines Ahead?
Should XRP struggle to overcome the $3.10 resistance area, it risks another downward movement. Initial support on the lower side is observed near $3.050, with further critical support located at approximately $3.00.
A breakdown and a close beneath the $3.00 level could trigger a decline toward the $2.880 support area, followed by significant support at around $2.750.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is picking up momentum in the bearish territory.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently positioned below the 50 mark.
Key Support Levels – $3.050 and $3.00.
Key Resistance Levels – $3.10 and $3.20.
