XRP price accelerates downward below the resistance level of $3.10. The price struggles around $3.050 and still carries the risk of further decline.

  • XRP price is breaking below the levels of $3.150 and $3.10.

  • The current price is below $3.10 and the 100-hour simple moving average.

  • The hourly chart for the XRP/USD pair has formed a bearish trend line, with resistance at $3.070 (data from Kraken).

  • If the currency pair breaks through the $3.120 area, it may regain bullish momentum.

XRP price continues to decline.

After closing below $3.20, XRP remains in a bearish zone, similar to Bitcoin and Ethereum. The price continues to decline and has broken below the support area of $3.10.

The price even fell below $3.00. Eventually, it tested the support area of $2.950. A low was formed at $2.941, and the recent price attempted to break through the 50% Fibonacci retracement level of the downtrend from the $3.148 swing high to the $2.941 swing low.

However, bears are active near $3.10, which is the 76.4% Fibonacci retracement level of the downtrend from the $3.148 swing high to the $2.941 swing low. A bearish trend line is also formed on the hourly chart of XRP/USD, with resistance at $3.070.

The current price is below $3.050 and the 100-hour simple moving average. On the upside, the price may face resistance near $3.0450. The first major resistance level is around $3.070.

If it can clearly break through the resistance level of $3.070, the price may drop towards the resistance level of $3.120. If it rises further, the price may drop towards the resistance level of $3.150 or the 50% Fibonacci retracement level of the downtrend from the $3.350 swing high to the $2.97 swing low. The next major resistance level for the bulls may be around $3.20.

Lose more?

If XRP fails to break through the resistance level of $3.070, it may initiate a new round of decline. The initial support level in the downward direction is around $2.9420. The next major support level is around $2.920.

If there is a downward breakout and closes below $2.920, the price may continue to drop towards the support level of $2.850. The next major support level is near the $2.80 area, and if that area is breached, the price may experience a larger decline.