XRP Price Trades Below $3.050, Faces Resistance Ahead
XRP is currently correcting losses from the $2.820 level and is trading below $3.050, indicating potential for further declines.
- Bearish signs are evident below the $3.10 resistance.
- Price is near $3.00 and the 100-hourly Simple Moving Average.
- A bullish trend line with support at $2.970 is forming on the hourly chart.
- Continued decline is possible if XRP remains below $3.050.
Price Movements
XRP began a downside correction below $3.050, similar to Bitcoin and Ethereum. It traded under $3.00 and $2.95 before rebounding, forming a low at $2.824. The price moved above $2.92 and $2.95 and surpassed the 50% Fib retracement of the drop from $3.126 to $2.824.
Resistance is present around $3.050 and at the 76.4% Fib retracement of the previous downward movement. Key resistance is also at $3.10, which, if cleared, could lead to targets at $3.120 and $3.150. A challenge lies ahead at $3.20.
Potential Downside
If XRP does not break through the $3.050 resistance, it may initiate another decline. Initial support is at $2.970, followed by major support at $2.920.
A close below $2.920 could drive prices towards $2.840, with significant support at $2.780 that may trigger further bearish momentum.
Technical Indicators:
- Hourly MACD indicates diminishing bearish momentum.
- Hourly RSI is above 50.
Support Levels: $2.970, $2.840
Resistance Levels: $3.050, $3.10