XRP Price Trapped Below Resistance – Bulls Running Out of Steam?
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XRP price is struggling to continue higher above the $3.020 zone. The price is consolidating and might decline below the $2.920 support.
- XRP price is correcting gains from the $3.10 zone.
- The price is now trading near $2.980 and the 100-hourly Simple Moving Average.
- There is a 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 start another increase if it stays above the $2.880 zone.
XRP Price Faces Resistance
XRP price failed to continue higher above the $3.10 resistance zone, like Bitcoin and Ethereum . The price formed a short-term top and started a fresh decline below the $3.020 level.
The price dipped below the $3.00 level. There was a move below $2.950 and the price tested the 50% Fib retracement level of the upward move from the $2.730 swing low to the $3.106 high. However, the bulls were active near the $2.920 zone.
The price is now trading near $2.980 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $3.00 level. There is also a bearish trend line forming with resistance at $3.020 on the hourly chart of the XRP/USD pair.
Source: XRPUSD on TradingView.comThe first major resistance is near the $3.10 level. A clear move above the $3.10 resistance might send the price toward the $3.120 resistance. Any more gains might send the price toward the $3.180 resistance or even $3.20 in the near term. The next major hurdle for the bulls might be near the $3.250 zone.
Another Decline?
If XRP fails to clear the $3.020 resistance zone, it could start another decline. Initial support on the downside is near the $2.920 level. The next major support is near the $2.880 level or the 61.8% Fib retracement level of the upward move from the $2.730 swing low to the $3.106 high.
If there is a downside break and a close below the $2.880 level, the price might continue to decline toward the $2.810 support. The next major support sits near the $2.750 zone where the bulls might take a stand.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing 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 $2.880.
Major Resistance Levels – $3.020 and $3.10.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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