XRP price struggles to continue above the $3.30 level. Price is now recovering gains and may find bids near the $3.00 level.
- XRP price started a downside correction from the $3.30 zone.
- The price is now trading below $3.20 and the 100-hour simple moving average.
- There was a break below a connecting bullish trend line with support at $3.1450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could initiate a fresh rally if it remains above the $3.00 support.
XRP price dropped again
XRP price managed to initiate a recent rally from the $3.120 support zone, but the upside was limited. Bitcoin. The price was able to cross the $3.250 level before the bears appeared.
A high was formed at $3.285 and the price recently started a downside correction. There was a move below the $3.20 support. The price broke below the 50% Fib retracement level of the upside from the $3.012 swing low to the $3.285 high.
Additionally, there was a break below a connecting bullish trend line with support at $3.1450 on the hourly chart of the XRP/USD pair. The price is now trading below $3.20 and the 100-hour simple moving average.
This holds the current 61.8% Fib retracement level moving upwards From a low of $3.012 to a high of $3.285. On the downside, the price may face resistance near the $3.150 level. The first major resistance is near the $3.20 level.
The next resistance is $3.250. A clear move above the $3.250 resistance could send the price towards the $3.30 resistance. Any further gains could send the price to the $3.4250 resistance or even a period near $3.450. The next big hurdle for the bulls could be $3.50.
More damage?
If XRP fails to clear the $3.20 resistance zone, it could initiate another decline. Initial support on the downside is near the $3.120 level. The next major support is near the $3.00 level.
If there is a downside break and a close below the $3.00 level, the price may decline towards the $2.880 support. The next major support sits near the $2.750 zone.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Key support levels – $3.120 and $3.00.
Key resistance levels – $3.20 and $3.250.
