XRP Price Declines Below $3.150; Bears Gain Momentum
XRP price is showing bearish momentum below the $3.150 resistance level, currently struggling around $3.00 and at risk of further declines.
- XRP is trading below $3.20 and $3.150.
- Current price is below $3.120 and the 100-hourly Simple Moving Average.
- A bearish trend line is forming with resistance at $3.060 on the hourly chart.
- Potential bullish momentum could occur if it surpasses the $3.10 zone.
XRP Price Analysis
XRP attempted to rise above $3.250 but has since corrected downward past the $3.150 level. It has dipped below key support levels of $3.120 and $3.10, testing the $3.00 support. The low was recorded at $2.971.
The price is now under the 23.6% Fib retracement level from the $3.350 swing high to the $2.97 low. Currently, XRP trades below $3.050 and the 100-hourly SMA, facing potential resistance near $3.020 and major resistance at $3.050.
A move above $3.060 could push the price toward $3.120, while further gains might reach $3.150 or the 50% Fib retracement level. Major resistance for bulls is seen near $3.20.
Outlook for Further Losses
If XRP does not break through the $3.050 resistance, it may start a decline. Immediate support is around $2.9650, with next support near $2.920.
A close below $2.920 could lead to further drops toward the $2.850 support, with significant support located near $2.80.
Technical Indicators:
- Hourly MACD indicates increasing bearish momentum.
- Hourly RSI is below 50.
- Major Support Levels: $2.920 and $2.850.
- Major Resistance Levels: $3.050 and $3.150.