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  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.19
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  • jito-staked-solJito Staked SOL (JITOSOL) $ 220.32
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  • binance-staked-solBinance Staked SOL (BNSOL) $ 191.93
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  • rocket-pool-ethRocket Pool ETH (RETH) $ 4,214.62
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  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 3,893.38
  • solv-btcSolv Protocol BTC (SOLVBTC) $ 115,779.00
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 203.45
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  • binance-bridged-usdc-bnb-smart-chainBinance Bridged USDC (BNB Smart Chain) (USDC) $ 0.999993
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  • pax-goldPAX Gold (PAXG) $ 3,353.73
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  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 116,151.00
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XRP Price Trims Gains After Rally – Is This Just a Healthy Correction?

0 6

XRP Price Trims Gains After Rally – Is This Just a Healthy Correction?

XRP price started a downside correction from the $3.650 zone. The price is now trading below $3.30 and remains at risk of more losses.

  • XRP price started a downside correction below the $3.50 zone.
  • The price is now trading below $3.450 and the 100-hourly Simple Moving Average.
  • There is a key bearish trend line forming with resistance at $3.30 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could start another increase if it stays above the $3.050 zone.

XRP Price Dips Further

XRP price started a fresh decline after it failed to clear the $3.650 resistance zone, like Bitcoin and Ethereum. The price declined below the $3.450 and $3.350 support levels.

The decline was such that the price traded below the $3.120 level. A low was formed at $3.050 and the price is now consolidating losses near the 23.6% Fib retracement level of the recent decline from the $3.650 swing high to the $3.050 low.

The price is now trading below $3.450 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance at $3.30 on the hourly chart of the XRP/USD pair.

On the upside, the price might face resistance near the $3.2320 level. The first major resistance is near the $3.2650 level. A clear move above the $3.2650 resistance might send the price toward the $3.350 resistance or the 50% Fib retracement level of the recent decline from the $3.650 swing high to the $3.050 low.

XRP Price Trims Gains After Rally – Is This Just a Healthy Correction?

Any more gains might send the price toward the $3.450 resistance or even $3.50 in the near term. The next major hurdle for the bulls might be near the $3.650 zone.

Another Drop?

If XRP fails to clear the $3.350 resistance zone, it could start another decline. Initial support on the downside is near the $3.150 level. The next major support is near the $3.120 level.

If there is a downside break and a close below the $3.120 level, the price might continue to decline toward the $3.050 support. The next major support sits near the $3.00 zone.

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 – $3.120 and $3.050.

Major Resistance Levels – $3.250 and $3.350.

Source

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