XRP Price Consolidates Losses Below $3.050 Amid Bearish Trend
The price of XRP is experiencing a downside correction after hitting resistance at $3.180. The current trading status shows consolidation below $3.050.
- XRP is trading below the 100-hourly Simple Moving Average and $3.050.
- A bearish trend line resistance is forming at $3.020 on the hourly chart for XRP/USD.
- The price may see an upward movement if it surpasses the $3.050 resistance zone.
XRP Price Movement
After falling from $3.120, similar to Bitcoin and Ethereum, XRP dropped below the critical $3.050 mark, entering a short-term bearish phase. A low was recorded at $2.957 with minor upward movement seen above the 23.6% Fibonacci retracement level from $3.186 to $2.957.
If the $2.950 support holds, XRP could attempt another increase, facing resistance initially at $3.020, followed by $3.050. A breakthrough beyond $3.050 might propel the price toward $3.120 and subsequently $3.180, with further gains targeting $3.250.
Potential Downside Risks
If XRP fails to surpass $3.020, it might continue declining. Key support levels are identified at $2.950 and $2.920. A break below $2.920 could push the price down to $2.880, with significant support at $2.840 indicating potential increased bearish momentum.
Technical Indicators:
- Hourly MACD: Slowing in the bearish zone.
- Hourly RSI: Below the 50 level.
- Major Support Levels: $2.950, $2.920.
- Major Resistance Levels: $3.020, $3.050.