XRP Price Slips Under $3 – Can Bulls Stage a Quick Rebound?

[Ben Graham]

XRP price started a downside correction from the $3.180 resistance. The price is now consolidating and might start another increase if it clears $3.050.

• XRP price is consolidating losses after declining from the $3.180 resistance.
• The price is now trading below $3.050 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 a fresh increase if the price clears the $3.050 zone.

XRP Price Corrects Gains

XRP price started a downside correction below the $3.120 level, like Bitcoin and Ethereum. The price dipped below the $3.050 level to enter a short-term bearish zone.

There was a move below the $3.00 pivot level and the 100-hourly Simple Moving Average. A low was formed at $2.957 and the price is now consolidating losses. There was a minor move above the 23.6% Fib retracement level of the downward move from the $3.186 swing high to the $2.957 low.

The price is now trading below $3.050 and the 100-hourly Simple Moving Average. Besides, there is a bearish trend line forming with resistance at $3.020 on the hourly chart of the XRP/USD pair.

If the bulls protect the $2.950 support, the price could attempt another increase. On the upside, the price might face resistance near the $3.020 level. The first major resistance is near the $3.050 level. A clear move above the $3.050 resistance might send the price toward the $3.120 resistance. Any more gains might send the price toward the $3.180 resistance. The next major hurdle for the bulls might be near $3.250.

More Downsides?

If XRP fails to clear the $3.020 resistance zone, it could continue to move down. Initial support on the downside is near the $2.950 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 $2.880. The next major support sits near the $2.840 zone, below which the price could gain bearish momentum.

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 – $2.950 and $2.920.

Major Resistance Levels – $3.020 and $3.050.