XRP Price Declines Below $2.90, Faces Further Downside Risk
XRP is experiencing a downward trend, having fallen below the $2.90 support level.
- The price is currently under $2.880 and the 100-hourly SMA, indicating bearish momentum.
- A bearish trend line is forming with resistance at $2.90 on the hourly XRP/USD chart from Kraken.
- If XRP dips below $2.780, a further decline is likely.
Current Situation
XRP failed to maintain its position above the $3.00 pivot, causing a decline similar to [Bitcoin](https://holder.io/coins/btc/) and [Ethereum](https://holder.io/coins/eth/). It broke past the $2.920 and $2.90 support levels, reaching a low near $2.678 before attempting recovery. Resistance is evident around $2.90, with the price still below this level and the 100-hourly SMA.
The upside faces hurdles at $2.880 and $2.90, aligning with the 50% Fib retracement level from the recent drop. Surpassing $2.90 could lead to targets of $2.950 and eventually $3.00. The next significant resistance is $3.120.
Potential Decline
Failing to break through the $2.90 resistance might push XRP lower:
- Initial support: $2.780.
- Next major support: $2.7150.
- Further decline could target $2.650, with a significant support zone at $2.60.
Technical Indicators:
- Hourly MACD: Bearish momentum increasing.
- Hourly RSI: Below the 50 mark.
Key support levels are $2.780 and $2.7150, while key resistance levels are $2.90 and $2.950.