XRP Price Flirts With Breakdown—Bulls on the Defensive
XRP price is correcting gains below the $3.25 zone. The price is consolidating and might dip below the $3.080 support zone in the near term.
- XRP price is struggling to settle above the $3.250 zone.
- The price is now trading below $3.250 and the 100-hourly Simple Moving Average.
- There was a break below a key contracting triangle with support at $3.20 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start another increase if it stays above the $3.080 zone.
XRP Price Approaches Key Support
XRP price formed a base above the $2.920 level and started a fresh increase, like Bitcoin and Ethereum. The price gained pace for a move above the $3.20 and $3.25 resistance levels.
The bulls pumped the price above the $3.320 level before the bears appeared. A high was formed at $3.380 and the price is now correcting gains. There was a move below the $3.250 level. The price dipped below 23.6% Fib retracement level of the upward move from the $2.90 swing low to the $3.380 high.
Besides, there was a break below a key contracting triangle with support at $3.20 on the hourly chart of the XRP/USD pair. The price is now trading below $3.220 and the 100-hourly Simple Moving Average.
On the upside, the price might face resistance near the $3.20 level. The first major resistance is near the $3.220 level. A clear move above the $3.220 resistance might send the price toward the $3.2650 resistance. Any more gains might send the price toward the $3.320 resistance or even $3.350 in the near term. The next major hurdle for the bulls might be near the $3.450 zone.
More Losses?
If XRP fails to clear the $3.220 resistance zone, it could start a fresh decline. Initial support on the downside is near the $3.120 level. The next major support is near the $3.080 level or the 61.8% Fib retracement level of the upward move from the $2.90 swing low to the $3.380 high.
If there is a downside break and a close below the $3.080 level, the price might continue to decline toward the $3.020 support. The next major support sits near the $3.00 zone where the bulls might take a stand.
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 – $3.120 and $3.080.
Major Resistance Levels – $3.220 and $3.2650.
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.
You may also like
Clarity Act Vote Takes Place in a Few Hours, Here’s Everything You Need to Know
Pi Network extends recovery above $0.097 as ecosystem utility grows
Bitcoin risks drop to $71k as rounded-top pattern takes shape
It is almost consensus that the Federal Reserve will raise interest rates on Thursday, why does Standard Chartered refuse to "surrender"?
Standard Chartered believes that core inflation pressures may be overestimated and that raising interest rates remains a “wrong policy choice.” Tariffs have pushed up the PCE by about 0.7 percentage points, but this impact is expected to fade; the super-core CPI has already returned to a normal range, and consumer-side pressures are limited. In July, only three FOMC members supported a rate hike, and current data is insufficient to prompt more members to shift their stance. A more reasonable approach would be to wait until the effects of tariffs and data revisions dissipate before assessing the inflation trend.
Crypto prices
More
