$XRP
🚨XRP could recover if the $2.99 level holds🚨
XRP price broke below the daily support level at $3.40 on July 23 and declined by 11% the following day. However, it retested and found support around its 61.8% Fibonacci level at $2.99 on Friday, rebounding 3.43% during the weekend. At the start of the week on Monday, XRP corrected 3.5% and hovered around $3.12 the next day. At the time of writing on Wednesday, it continues to stabilize at around $3.13.
If the support at $2.99 remains strong, XRP could continue its recovery toward its previous broken support at $3.40.
The RSI indicator on the daily chart reads 58, above its neutral level of 50, but points downward, indicating fading bullish momentum. Additionally, traders should still be cautious as the MACD indicator showed a bearish crossover last week, giving sell signals. The rising red histogram bar below the neutral value also suggests bearish momentum and a downward trend.
However, if XRP closes below $2.99, it could extend the decline toward its next daily support level at $2.72.