XRP Price Declines Below $2.920, Faces Potential Further Downtrend
XRP is experiencing a decline, trading below key levels:
- Price has dropped below the $2.920 pivot zone and the 100-hourly Simple Moving Average.
- Broke below a declining channel with support at $2.90, testing the $2.850 area.
- If it settles below $2.850, further declines are possible.
Current Price Movement
XRP fell below $3.020, entering a bearish zone similar to Bitcoin and Ethereum. It faces resistance near $2.90 and major resistance around $2.950, potentially rising to $3.00 if surpassed.
Potential Decline
If XRP can't surpass the $3.00 resistance, it may see further drops:
- Initial support at $2.850; next major support at $2.80.
- A break below $2.80 could lead to declines toward $2.7250 and then $2.650.
Technical Indicators
- Hourly MACD: Bearish momentum increasing.
- Hourly RSI: Below 50, indicating weakness.
- Support Levels: $2.850 and $2.80.
- Resistance Levels: $2.90 and $2.920.