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XRP price attempted a recovery wave above the $2.850 zone. The price is now struggling to clear $3.00 and might decline again below the $2.80 zone.
- XRP price is moving lower below the $2.920 support zone.
- The price is now trading near $2.90 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $2.850 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move down if it dips below $2.850.
XRP Price Faces Hurdles
XRP price found support near $2.680 and recently started a recovery wave, beating Bitcoin and Ethereum. The price was able to surpass the $2.80 and $2.85 resistance levels.
The bulls pushed the price above the 50% Fib retracement level of the main decline from the $3.138 swing high to the $2.678 low. However, the bears are active near the $3.00 resistance. The price faced rejection near $3.00 and reacted to the downside.
The price is now trading near $2.90 and the 100-hourly Simple Moving Average. Besides, there is a connecting bullish trend line forming with support at $2.850 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $2.95 level. The first major resistance is near the $2.9620 level and the 61.8% Fib retracement level of the main decline from the $3.138 swing high to the $2.678 low. A clear move above the $2.9620 resistance might send the price toward the $3.00 resistance. Any more gains might send the price toward the $3.050 resistance. The next major hurdle for the bulls might be near $3.120.
Another Decline?
If XRP fails to clear the $2.9620 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 $2.850 level and the trend line.
If there is a downside break and a close below the $2.850 level, the price might continue to decline toward $2.780. The next major support sits near the $2.70 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 $2.850.
Major Resistance Levels – $2.9620 and $3.00.
