XRP Price Recovers Slightly, Can Buyers Push Past Obstacles?

[Ben Graham]

XRP price is correcting losses from the $2.820 zone. The price is now trading below $3.050 and remains at risk of more losses in the near term.

• XRP price is showing bearish signs below the $3.10 resistance.
• The price is now trading near $3.00 and the 100-hourly Simple Moving Average.
• There is a bullish trend line forming with support at $2.970 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to decline if it stays below the $3.050 zone.

XRP Price Faces Resistance

XRP price started a downside correction below $3.050, like Bitcoin and Ethereum. The price traded below the $3.00 and $2.95 levels before the bulls appeared.

A low was formed at $2.824 and the price is now attempting a fresh increase. There was a move above the $2.92 and $2.95 levels. The price surpassed the 50% Fib retracement level of the downward move from the $3.126 swing high to the $2.824 low.

The price is now trading near $3.00 and the 100-hourly Simple Moving Average. There is also a bullish trend line forming with support at $2.970 on the hourly chart of the XRP/USD pair.

On the upside, the price might face resistance near the $3.050 level and the 76.4% Fib retracement level of the downward move from the $3.126 swing high to the $2.824 low. The 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 $3.150 resistance. The next major hurdle for the bulls might be near $3.20.

Another Decline?

If XRP fails to clear the $3.050 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.970 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 $2.840. The next major support sits near the $2.780 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 above the 50 level.

Major Support Levels – $2.970 and $2.840.

Major Resistance Levels – $3.050 and $3.10.