XRP Price Holding Weak Below $3.10, Bears Maintain | Crypto News
XRP price is gaining bearish tempo below the $3.10 resistance zone. The price is struggling close to $3.050 and stays at risk of more losses.
- XRP price is declining below the $3.150 and $3.10 ranges.
- The price is now trading below $3.10 and the 100-hourly Simple Moving Average.
- There is a bearish development line forming with resistance at $3.070 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might regain bullish momentum if it clears the $3.120 zone.
XRP Price Dips Further
XRP price remained in a bearish zone after a close below the $3.20 stage, like Bitcoin and Ethereum. The price prolonged losses and traded below the $3.10 assist zone.
The price even declined below $3.00. Finally, it examined the $2.950 assist zone. A low was shaped at $2.941 and the price not too long ago tried a recovery wave above the 50% Fib retracement stage of the downward transfer from the $3.148 swing high to the $2.941 low.
However, the bears had been lively close to $3.10 and the 76.4% Fib retracement stage of the downward transfer from the $3.148 swing high to the $2.941 low. There is also a bearish development line forming with resistance at $3.070 on the hourly chart of the XRP/USD pair.
The price is now trading below $3.050 and the 100-hourly Simple Moving Average. On the upside, the price may face resistance close to the $3.0450 stage. The first major resistance is close to the $3.070 stage.
A clear transfer above the $3.070 resistance may ship the price toward the $3.120 resistance. Any more positive factors may ship the price toward the $3.150 resistance or the 50% Fib retracement stage of the downward transfer from the $3.350 swing high to the $2.97 low. The next major hurdle for the bulls is likely to be close to $3.20.
More Losses?
If XRP fails to clear the $3.070 resistance zone, it might start a contemporary decline. Initial assist on the draw back is close to the $2.9420 stage. The next major assist is close to the $2.920 stage.
If there’s a draw back break and a close below the $2.920 stage, the price may continue to decline toward the $2.850 assist. The next major assist sits close to the $2.80 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 stage.
Major Support Levels – $2.940 and $2.880.
Major Resistance Levels – $3.070 and $3.10.
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