XRP Faces Resistance at $3.050 Amid Price Consolidation
XRP Price Analysis
- XRP is attempting to consolidate gains above the $2.920 support zone.
- Currently trading below $3.00 and the 100-hourly Simple Moving Average.
- A declining channel with resistance at $3.050 is forming on the hourly chart (XRP/USD).
- A move above $3.050 could lead to further upward movement.
Resistance and Support Levels
- XRP found support above $2.80, recovering like Bitcoin and Ethereum.
- Resistance was surpassed at $2.920 and $2.950, climbing above $3.00 before correcting.
- Price consolidation is near the 23.6% Fib retracement level of the $3.070 to $2.950 decline.
- Key resistance levels are at $3.00 and $3.050, with potential targets at $3.080 and $3.120 if broken.
Potential Decline
- If unable to surpass the $3.00 resistance, a decline may occur.
- Initial downside support is at $2.950, followed by $2.920.
- A break below $2.920 could push the price toward $2.850 or lower to $2.720.
Technical Indicators
- Hourly MACD: Losing pace in the bullish zone.
- Hourly RSI: Below 50.
- Major Support Levels: $2.950 and $2.920.
- Major Resistance Levels: $3.00 and $3.050.