XRP Price Crashes Below $3, More Pain for Bulls? | Crypto News
XRP price is gaining bearish tempo below the $3.050 resistance zone. The price is struggling below $3.00 and stays at risk of more losses.
- XRP price is declining below the $3.020 and $3.00 ranges.
- The price is now trading below $3.00 and the 100-hourly Simple Moving Average.
- There is a bearish pattern line forming with resistance at $3.00 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might continue to transfer down if it stays below the $3.10 zone.
XRP Price Dips In The Red
XRP price remained in a bearish zone after a close below the $3.120 degree, like Bitcoin and Ethereum. The price prolonged losses and traded below the $3.00 help zone.
The price even declined below $2.920. Finally, it examined the $2.850 help zone. A low was fashioned at $2.850 and the price is now consolidating losses below the 23.6% Fib retracement degree of the downward transfer from the $3.095 swing high to the $2.850 low.
The price is now trading below $3.00 and the 100-hourly Simple Moving Average. On the upside, the price would possibly face resistance close to the $2.90 degree. The first major resistance is close to the $2.920 degree.
A clear transfer above the $2.920 resistance would possibly ship the price toward the $3.00 resistance. There is also a bearish pattern line forming with resistance at $3.00 on the hourly chart of the XRP/USD pair. It is close to the 50% Fib retracement degree of the downward transfer from the $3.095 swing high to the $2.850 low.
Any more features would possibly ship the price toward the $3.050 resistance. The next major hurdle for the bulls is likely to be close to $3.120.
More Downside?
If XRP fails to clear the $2.920 resistance zone, it might start a contemporary decline. Initial help on the draw back is close to the $2.850 degree. The next major help is close to the $2.80 degree.
If there’s a draw back break and a close below the $2.80 degree, the price would possibly continue to decline toward the $2.740 help. The next major help sits close to the $2.720 zone, below which there could possibly be a bigger decline.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining tempo in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 degree.
Major Support Levels – $2.850 and $2.740.
Major Resistance Levels – $2.920 and $3.00.
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