XRP price is gaining bearish pace below the $3.150 resistance zone. The price is struggling near $3.00 and remains at risk of more losses.
- XRP price is declining below the $3.20 and $3.150 levels.
- The price is now trading below $3.120 and the 100-hourly Simple Moving Average.
- There is a bearish trend line forming with resistance at $3.060 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could regain bullish momentum if it clears the $3.10 zone.
XRP Price Dips Further
XRP price attempted more gains above the $3.250 zone, like Bitcoin and Ethereum. The price failed to extend gains and started a downside correction below the $3.150 level.
The pair dipped below the $3.120 and $3.10 support levels. Finally, it tested the $3.00 support zone. A low was formed at $2.971 and the price is now showing bearish signs below the 23.6% Fib retracement level of the downward move from the $3.350 swing high to the $2.97 low.
The price is now trading below $3.050 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $3.020 level. The first major resistance is near the $3.050 level. There is also a bearish trend line forming with resistance at $3.060 on the hourly chart of the XRP/USD pair.
A clear move above the $3.060 resistance might send the price toward the $3.120 resistance. Any more gains might send the price toward the $3.150 resistance or the 50% Fib retracement level of the downward move from the $3.350 swing high to the $2.97 low. The next major hurdle for the bulls might be near $3.20.
More Losses?
If XRP fails to clear the $3.050 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.9650 level. The next major support is near the $2.920 level.
If there is a downside break and a close below the $2.920 level, the price might continue to decline toward the $2.850 support. The next major support sits near the $2.80 zone, below which there could be a larger decline.
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 – $2.920 and $2.850.
Major Resistance Levels – $3.050 and $3.150.
