XRP price started a downside correction below the $3.250 zone. The price is now consolidating and might dip further below the $3.050 zone.
- XRP price started a fresh pullback below the $3.250 zone.
- The price is now trading below $3.220 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trend line with support at $3.240 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start another increase if it stays above the $3.080 zone.
XRP Price Dips Below Support
XRP price started a fresh decline from the $3.330 zone, like Bitcoin and Ethereum. The price declined below the $3.2850 and $3.250 support levels.
The price dipped below the 50% Fib retracement level of the upward move from the $3.004 swing low to the $3.330 high. Besides, there was a break below a key bullish trend line with support at $3.240 on the hourly chart of the XRP/USD pair.
The decline was such that the price traded below the $3.120 level. The price is now trading below $3.150 and the 100-hourly Simple Moving Average.
On the upside, the price might face resistance near the $3.1680 level. The first major resistance is near the $3.220 level. A clear move above the $3.220 resistance might send the price toward the $3.250 resistance. Any more gains might send the price toward the $3.330 resistance or even $3.350 in the near term. The next major hurdle for the bulls might be near the $3.40 zone.
Another Drop?
If XRP fails to clear the $3.250 resistance zone, it could start another decline. Initial support on the downside is near the $3.080 level or the 76.4% Fib retracement level of the upward move from the $3.004 swing low to the $3.330 high. The next major support is near the $3.050 level.
If there is a downside break and a close below the $3.050 level, the price might continue to decline toward the $3.020 support. The next major support sits near the $3.00 zone where the bulls might take a stand.
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 – $3.080 and $3.00.
Major Resistance Levels – $3.1680 and $3.250.
