XRP Price Struggles Below $3.080 Resistance Amid Declining Trend
XRP Price Update
- XRP struggles to surpass the $3.080 resistance level.
- Current trading price is near $2.9650 and the 100-hourly Simple Moving Average.
- A bearish trend line is forming with resistance at $3.020 on the hourly chart.
- Continued decline likely if the price remains below $3.050.
Price Movement Details
The price has corrected from $3.0850, falling below $3.0650 and $3.050. This decline includes a drop under $2.980 and the 100-hourly Simple Moving Average, crossing below the 50% Fib retracement level of the prior upward move from $2.824 to $3.080.
If support at $2.920 holds, there may be another attempt to rise, facing initial resistance around $3.00 and stronger resistance at $3.020. A breakthrough could lead to testing $3.080 and potentially $3.120, with the next major hurdle at $3.150.
Potential for Further Decline
If XRP cannot break through the $3.020 resistance, it may drop further. Initial support is near $2.920 or the 61.8% Fib retracement level. The subsequent major support level is around $2.8850. A close below this level may see the price decline towards $2.80, with major support at $2.780.
Technical Indicators
- Hourly MACD indicates increased bearish momentum.
- Hourly RSI is below the 50 level.
- Major support levels are $2.920 and $2.840.
- Major resistance levels are $3.020 and $3.080.