XRP price is down over 6% from the $3.350 resistance zone. The price is holding the $3.020 support and might aim to start a fresh increase.
- XRP price is attempting a fresh increase from the $3.020 zone.
- The price is now trading below $3.20 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trend line with support at $3.280 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could regain bullish momentum if it clears the $3.150 zone.
XRP Price Dips To Support
XRP price attempted more gains above the $3.30 zone, like Bitcoin and Ethereum. The price tested the $3.35 level and failed to extend gains. A high was formed at $3.35 and the price started a downside correction.
There was a break below a key bullish trend line with support at $3.280 on the hourly chart of the XRP/USD pair. The pair dipped below the $3.250 and $3.150 support levels. Finally, it tested the $3.020 support zone. A low was formed at $3.031 and the price is now recovering toward the 23.6% Fib retracement level of the downward move from the $3.350 swing high to the $3.031 low.
The price is now trading below $3.120 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $3.10 level. The first major resistance is near the $3.150 level.
A clear move above the $3.150 resistance might send the price toward the $3.20 resistance. Any more gains might send the price toward the $3.250 resistance or even $3.2650 in the near term. The next major hurdle for the bulls might be near $3.30.
Another Decline?
If XRP fails to clear the $3.150 resistance zone, it could start a fresh decline. Initial support on the downside is near the $3.050 level. The next major support is near the $3.020 level.
If there is a downside break and a close below the $3.020 level, the price might continue to decline toward the $3.00 support. The next major support sits near the $2.880 zone, below which there could be a larger decline.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $3.050 and $3.020.
Major Resistance Levels – $3.150 and $3.20.
