XRP Price Struggles Below $3.00 Amid Resistance Challenges
The XRP price is experiencing a downward trend, struggling to maintain levels above $3.00:
- Currently trading below $3.00 and the 100-hourly Simple Moving Average.
- A declining channel with resistance at $3.0450 is forming on the hourly XRP/USD chart.
XRP Price Analysis
After surpassing resistance levels at $2.90 and $2.950, XRP faced selling pressure near $3.098. The price corrected lower, moving below the 50% Fibonacci retracement level from the recent $2.950 low to the $3.048 high. Resistance is anticipated near $3.020 and $3.050, with further resistance at $3.080 and $3.120 if broken.
Potential Decline
If XRP fails to break the $3.030 resistance, a decline could occur:
- Initial support is at $2.9720, aligning with the 76.4% Fibonacci retracement level from the recent wave.
- Further support lies at $2.920, with potential declines to $2.850 or even $2.720 if breached.
Technical Indicators:
- Hourly MACD: Losing momentum in the bullish zone.
- Hourly RSI: Below the 50 level, indicating bearish sentiment.
Support Levels: $2.950, $2.920
Resistance Levels: $3.020, $3.050