XRP Price Dips Below $3 – Could This Trigger a Bigger Bearish Wave?

[Redator]

XRP price started a fresh decline below the $3.00 zone. The price is now showing bearish signs and might decline further below the $2.880 zone.

• XRP price is moving lower below the $3.00 support zone.
• The price is now trading below $2.950 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at $2.980 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move down if it dips below $2.880.

XRP Price Dips Below Support

XRP price failed to extend gains above $3.20 and started a fresh decline, like Bitcoin and Ethereum. The price dipped below the $3.050 and $3.020 support levels.

The bears even pushed the price below $3.00. A low was formed near the $2.880 support, and the price is now consolidating losses well below the 23.6% Fib retracement level of the recent decline from the $3.138 swing high to the $2.880 low.

The price is now trading below $3.00 and the 100-hourly Simple Moving Average. Besides, there is a bearish trend line forming with resistance at $2.980 on the hourly chart of the XRP/USD pair. If the bulls protect the $2.880 support, the price could attempt another increase.

On the upside, the price might face resistance near the $2.950 level. The first major resistance is near the $3.00 level and the trend line. A clear move above the $3.00 resistance might send the price toward the $3.080 resistance or the 76.4% Fib retracement level of the recent decline from the $3.138 swing high to the $2.880 low. Any more gains might send the price toward the $3.120 resistance. The next major hurdle for the bulls might be near $3.150.

More Downside?

If XRP fails to clear the $3.00 resistance zone, it could continue to move down. Initial support on the downside is near the $2.880 level. The next major support is near the $2.80 level.

If there is a downside break and a close below the $2.80 level, the price might continue to decline toward $2.740. The next major support sits near the $2.650 zone, below which the price could gain bearish momentum.

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 – $2.880 and $2.80.

Major Resistance Levels – $2.950 and $3.00.