Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
XRP price started a fresh decline below the $3.00 zone. The price is now showing bearish signs and might decline further below the $2.880 zone.
- XRP price is moving lower below the $3.00 support zone.
- The price is now trading below $2.950 and the 100-hourly Simple Moving Average.
- There is a bearish trend line forming with resistance at $2.980 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move down if it dips below $2.880.
XRP Price Dips Below Support
XRP price failed to extend gains above $3.20 and started a fresh decline, like Bitcoin and Ethereum. The price dipped below the $3.050 and $3.020 support levels.
The bears even pushed the price below $3.00. A low was formed near the $2.880 support, and the price is now consolidating losses well below the 23.6% Fib retracement level of the recent decline from the $3.138 swing high to the $2.880 low.
The price is now trading below $3.00 and the 100-hourly Simple Moving Average. Besides, there is a bearish trend line forming with resistance at $2.980 on the hourly chart of the XRP/USD pair. If the bulls protect the $2.880 support, the price could attempt another increase.
On the upside, the price might face resistance near the $2.950 level. The first major resistance is near the $3.00 level and the trend line. A clear move above the $3.00 resistance might send the price toward the $3.080 resistance or the 76.4% Fib retracement level of the recent decline from the $3.138 swing high to the $2.880 low. Any more gains might send the price toward the $3.120 resistance. The next major hurdle for the bulls might be near $3.150.
More Downside?
If XRP fails to clear the $3.00 resistance zone, it could continue to move down. Initial support on the downside is near the $2.880 level. The next major support is near the $2.80 level.
If there is a downside break and a close below the $2.80 level, the price might continue to decline toward $2.740. The next major support sits near the $2.650 zone, below which the price could gain bearish momentum.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $2.880 and $2.80.
Major Resistance Levels – $2.950 and $3.00.
