XRP Price Reclaims $3 – Bulls Struggle to Build on Gains

XRP price started a downside correction below the $3.050 resistance. The price is now recovering losses and faces hurdles near the $3.080 zone.

XRP price is consolidating losses after declining below the $3.120 resistance. The price is now trading below $3.080 and the 100-hourly Simple Moving Average. There was a break above a bearish trend line with resistance at $3.00 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 $3.080 zone.

XRP Price Attempts Recovery

XRP price started a fresh decline below the $3.120 level, like Bitcoin and Ethereum. The price dipped below the $3.020 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 recently started a recovery wave. There was a move above the 23.6% Fib retracement level of the downward move from the $3.186 swing high to the $2.957 low.

Besides, there was a break above a bearish trend line with resistance at $3.00 on the hourly chart of the XRP/USD pair. The price is now trading below $3.060 and the 100-hourly Simple Moving Average.

If the bulls protect the $3.00 support, the price could attempt another increase. On the upside, the price might face resistance near the $3.060 level. The first major resistance is near the $3.080 level or the 50% Fib retracement level of the downward move from the $3.186 swing high to the $2.957 low.

A clear move above the $3.080 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.

Another Decline?

If XRP fails to clear the $3.060 resistance zone, it could continue to move down. Initial support on the downside is near the $3.00 level. The next major support is near the $2.950 level.

If there is a downside break and a close below the $2.950 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 bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $3.00 and $2.950.

Major Resistance Levels – $3.080 and $3.120.