XRP price is gaining bearish pace below the $3.10 resistance zone. The price is struggling near $3.050 and remains at risk of more losses.
The price even declined below $3.00. Finally, it tested the $2.950 support zone. A low was formed at $2.941 and the price recently attempted a recovery wave above the 50% Fib retracement level of the downward move from the $3.148 swing high to the $2.941 low.
However, the bears were active near $3.10 and the 76.4% Fib retracement level of the downward move from the $3.148 swing high to the $2.941 low. There is also a bearish trend line forming with resistance at $3.070 on the hourly chart of the XRP/USD pair.
The price is now trading below $3.050 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $3.0450 level. The first major resistance is near the $3.070 level.
A clear move above the $3.070 resistance might send the price toward the $3.120 resistance. Any more gains might send the price toward the $3.150 resistance or the 50% Fib retracement level of the downward move from the $3.350 swing high to the $2.97 low. The next major hurdle for the bulls might be near $3.20.
If XRP fails to clear the $3.070 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.9420 level. The next major support is near the $2.920 level.
If there is a downside break and a close below the $2.920 level, the price might continue to decline toward the $2.850 support. The next major support sits near the $2.80 zone, below which there could be a larger decline.
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 – $2.940 and $2.880.
Major Resistance Levels – $3.070 and $3.10.
