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XRP price struggled to stay above $3.020 and $3.050. The price is now consolidating gains and might correct lower toward the $2.920 zone.
- XRP price is slowly moving lower below the $3.00 pivot zone.
- The price is now trading below $3.00 and the 100-hourly Simple Moving Average.
- There is a key declining channel forming with resistance at $3.0450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh increase if it settles above $3.050.
XRP Price Faces Hurdles
XRP price started a decent increase after it settled above the $2.820 level, but it underperformed Bitcoin and Ethereum. The price was able to surpass the $2.90 and $2.950 resistance levels.
The price even climbed above $3.020 before the bears appeared. A high was formed at $3.098 and the price corrected some gains. The last swing low was formed at $2.950 before the price retested $3.050. The price is now moving lower below the 50% Fib retracement level of the recent wave from the $2.950 swing low to the $3.048 high.
The price is now trading below $3.00 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 key declining channel forming with resistance at $3.0450 on the hourly chart of the XRP/USD pair.
A clear move above the $3.050 resistance might send the price toward the $3.080 resistance. Any more gains might send the price toward the $3.120 resistance. The next major hurdle for the bulls might be near $3.150.
Another Decline?
If XRP fails to clear the $3.030 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.9720 level or the 76.4% Fib retracement level of the recent wave from the $2.950 swing low to the $3.048 high. 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 $2.850. The next major support sits near the $2.80 zone, below which the price could continue lower toward $2.720.
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 – $2.950 and $2.920.
Major Resistance Levels – $3.020 and $3.050.
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