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XRP price is struggling to clear the $3.080 resistance zone. The price is now declining and might extend losses if it drops below $2.920.
- XRP price is correcting gains from the $3.080 resistance.
- The price is now trading near $2.9650 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $3.020 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to decline if it stays below the $3.050 zone.
XRP Price Faces Hurdles
XRP price started a downside correction from $3.0850, like Bitcoin and Ethereum. The price traded below the $3.0650 and $3.050 levels.
The bears were able to push the price below $2.980 and the 100-hourly Simple Moving Average. Moreover, there was a spike below the 50% Fib retracement level of the upward move from the $2.824 swing low to the $3.080 high.
The price is now trading below $2.9650 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance at $3.020 on the hourly chart of the XRP/USD pair.
If the bulls protect the $2.920 support, the price could attempt another increase. On the upside, the price might face resistance near the $3.00 level. The first major resistance is near the $3.020 level. A clear move above the $3.020 resistance might send the price toward the $3.080 resistance. 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 Losses?
If XRP fails to clear the $3.020 resistance zone, it could continue to move down. Initial support on the downside is near the $2.920 level or the 61.8% Fib retracement level of the upward move from the $2.824 swing low to the $3.080 high. The next major support is near the $2.8850 level.
If there is a downside break and a close below the $2.8850 level, the price might continue to decline toward $2.80. The next major support sits near the $2.780 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 – $2.920 and $2.840.
Major Resistance Levels – $3.020 and $3.080.
