XRP Price Declines Below $3.00 After Resistance Break

XRP price is correcting after reaching $3.120, now trading below $3.00 and facing potential further losses.

Bearish signs observed at the $3.120 resistance level.
Current trading price is below $2.950 and the 100-hourly Simple Moving Average.
A break occurred below a rising channel with support at $3.00 on the hourly XRP/USD chart.
The price could continue to decline if it remains below $3.00.

XRP Price Dips Again

The price attempted to rise past $3.050 but faced challenges, similar to Bitcoin and Ethereum. After reaching near $3.120, it began to correct downward.

Key movements include:

Dropped below $3.050 and $3.00 levels.
Broke below the 76.4% Fib retracement level from $2.781 to $3.126.
Tested the $2.820 zone, forming a low at $2.8244.
Currently consolidating losses below $2.950.

Resistance on the upside is near $2.90, with significant resistance at $2.980, close to the 50% Fib retracement of the recent decline.

Breaking above $2.980 could lead to movement toward $3.050 and potentially $3.120. A major hurdle for bulls is at $3.20.

Another Decline?

If XRP cannot surpass the $2.980 resistance, it may start declining again. Key support levels include:

Initial support around $2.8250.
Next major support at $2.780.
A close below $2.780 could lead to further declines, targeting $2.720 and then $2.650.

Technical indicators show a bearish trend:

Hourly MACD indicates increasing bearish momentum.
RSI is below the 50 level.

Key support levels are $2.8250 and $2.780; key resistance levels are $2.980 and $3.050.