XRP price struggled to hold higher above the $3.30 level. The price is now correcting gains and may find bids near the $3.00 level.
- XRP price started a close correction from the $3.30 zone.
- The price is now trading below $3.20 and the 100-hour simple moving average.
- There was a break below a connecting bullish trendline with support at $3.1450 on the hourly table of the XRP/USD pair (Kraken data source).
- The pair may start a new increase if it remains above the $3.00 support.
XRP price drops again
XRP price managed to start a new increase against the $3,120 support zone, but the gains were limited compared to Bitcoin. The price was able to surpass the $3,250 level before the bears appeared.
A high was formed at $3,285 and the price recently started a downside correction. There was a move below the $3.20 support. The price fell below the 50% FIB retracement level of the upward move from the $3,012 swing low to the $3,285 high.
Besides, there was a break below a connecting bullish trendline with support at $3.1450 on the hourly table of the XRP/USD pair. The price is now trading below $3.20 and the 100-hour simple moving average.
It now holds the 61.8% FIB retracement level of the upward move from the $3,012 swing low to the $3,285 high. On the upside, the price may face resistance opposite the $3,150 level. The first major resistance is near the $3.20 level.
The next resistance is $3,250. A clear move above the resistance at $3,250 could send the price towards the resistance at $3.30. More gains could send the price towards the resistance at $3.4250 or even $3.450 in the near term. The next big hurdle for the Bulls might be $3.50.
Lose more?
If XRP fails to clear the $3.20 resistance zone, it may start a new decline. The first support on the downside is near the $3,120 level. The next major support is near the $3.00 level.
If there is a downside break and an end of the $3.00 level, the price could continue falling towards the $2,880 support. The next major support is near the $2,750 zone.
Technical indicators
Hourly MacD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Picly RSI (relative strength index) – The RSI for XRP/USD is now below the 50 level.
Major support levels – $3,120 and $3.00.
Major resistance levels – $3.20 and $3.250.
