XRP ’s price has encountered significant challenges in maintaining momentum beyond the $3.25 level. After reaching this peak, the cryptocurrency is now experiencing a corrective phase, with indications suggesting potential support around the $3.00 region.
Initially, XRP began to pull back from the $3.250 level, currently trading below $3.150 and the 100-hour Simple Moving Average. A bearish trend line has formed, indicating resistance at the $3.10 level on the hourly chart for the XRP /USD pair. If XRP can hold above the $3.00 support, there is a possibility of a renewed rally.
The recent price action saw XRP attempt a recovery from the $3.050 area, but the gains have been notably limited in comparison to Bitcoin . Following a rise past $3.150, selling pressure emerged and pushed the price downwards. This decline saw a low established at $3.035, leading to consolidation beneath the 23.6% Fibonacci retracement level, from the recent high of $3.285 back to the low of $3.035. The current trading stance places XRP below the $3.15 threshold and the 100-hourly Simple Moving Average.
Looking ahead, resistance at the $3.10 level poses a challenge. The key resistance levels are further identified at $3.160, which corresponds with the 50% Fibonacci retracement from the prior swing high, with the next notable resistance found at $3.20. If XRP manages to break through the $3.20 resistance, it could potentially rise towards the $3.250 level, continuing with upside momentum that may target $3.350 and as high as $3.3650.
Conversely, if XRP struggles to surpass the $3.10 resistance, there is a risk of further declines, with initial support located at $3.050 and a critical support level at $3.00. Should a breach below the $3.00 level occur, XRP could face additional downward pressure towards the $2.880 support and potentially even lower to the $2.750 range.
In terms of technical indicators, the hourly MACD suggests a strengthening bearish sentiment, while the Relative Strength Index (RSI) for XRP currently sits below the neutral 50 level, highlighting the prevailing weakness in the market.
