XRP Price Consolidation Deepens – Resistance Still Capping Upside

XRP price started a downside correction below the $3.120 zone. The price is now attempting a recovery and might aim for a move above the $3.1650 level.

• XRP price is attempting to start a fresh increase from the $3.00 zone.
• The price is now trading below $3.180 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at $3.150 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could start another increase if it stays above the $3.00 zone.

XRP Price Eyes Upside Break

XRP price started a fresh decline below the $3.20 zone, unlike Bitcoin and Ethereum. The price declined below the $3.120 and $3.080 support levels.

The bears even pushed the price below the $3.020 support zone. Finally, the bulls appeared near the $3.00 level. A low was formed at $2.999 and the price is now attempting a recovery wave. There was a move above the $3.050 and $3.080 levels.

The price surpassed the 23.6% Fib retracement level of the downward move from the $3.330 swing high to the $2.999 low. The price is now trading below $3.150 and the 100-hourly Simple Moving Average. There is also a bearish trend line forming with resistance at $3.150 on the hourly chart of the XRP/USD pair.

On the upside, the price might face resistance near the $3.150 level. The first major resistance is near the $3.1650 level. A clear move above the $3.1650 resistance might send the price toward the $3.20 resistance. Any more gains might send the price toward the $3.250 resistance or even $3.30 in the near term. The next major hurdle for the bulls might be near the $3.350 zone.

Another Drop?

If XRP fails to clear the $3.1650 resistance zone, it could start another decline. Initial support on the downside is near the $3.080 level. The next major support is near the $3.00 level.

If there is a downside break and a close below the $3.00 level, the price might continue to decline toward the $2.920 support. The next major support sits near the $2.850 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 above the 50 level.

Major Support Levels – $3.080 and $3.00.

Major Resistance Levels – $3.1650 and $3.20.

Source