XRP Price Declines Below $2.80 Amid Bearish Trend
The XRP price is experiencing a decline, currently trading below the $2.920 support zone.
- XRP is moving lower, now below $2.90 and the 100-hourly SMA.
- A bearish trend line with resistance forms at $2.920 on the hourly chart (data from Kraken).
- A dip below $2.80 could lead to further declines.
Price Decline Details
XRP failed to surpass $3.120, initiating a decline similar to Bitcoin and Ethereum. It fell below key support levels of $3.00 and $2.920, reaching a low near $2.678. The price corrected slightly, rising above the 23.6% Fib retracement level from $3.138 to $2.678.
Currently, XRP is under $2.90, facing resistance at $2.920. If bulls hold the $2.80 support, a recovery might be attempted. Resistance lies at $2.90 and $2.920, aligning with the 50% Fib retracement level of the recent fall.
A move above $2.920 could push the price toward $3.00 or even $3.050, with major resistance at $3.120.
Potential Further Decline
If XRP cannot surpass $2.920, it may drop further. Initial support appears at $2.820, with significant support at $2.80. A break below $2.80 could drive the price down to $2.740 or $2.650, increasing bearish momentum.
Technical Indicators:
- MACD: Losing pace in the bearish zone.
- RSI: Below 50 for XRP/USD.
- Major Support: $2.820 and $2.80.
- Major Resistance: $2.90 and $2.920.