XRP Price Declines Below $2.850, Faces Resistance at $2.8350
XRP is experiencing a price decline, trading below the significant $2.850 threshold and the 100-hourly SMA. The cryptocurrency is forming a bearish trend line with resistance at $2.835 on the hourly XRP/USD chart from Kraken data.
- Current trading is under $2.850, struggling to maintain above key resistance levels.
- The price faces hurdles near $2.850, despite attempts for recovery after testing $2.770.
- First major resistance is at $2.90; surpassing this could push the price towards $2.950 and potentially $3.00.
Potential Decline Risks
- If unable to break $2.920 resistance, XRP may see further declines.
- Immediate support sits at $2.780, with major support at $2.750.
- A close below $2.750 could lead to drops towards $2.720 or even $2.60.
Technical Indicators:
- Hourly MACD: Gaining momentum in bearish territory.
- Hourly RSI: Below the 50 level, indicating potential continued weakness.