XRP faces a bearish phase after failing to maintain the $3.00 zone, currently trading at $2.89, according to CoinGecko data. With a trading volume of $1.3 billion in the last 24 hours, selling pressure persists, but the bulls seek to defend key supports. Can XRP stabilize, or is a deeper correction looming?
XRP fell 3.5% from $3.00, now at $2.89.
The price is below the 100-hour SMA ($2.92).
A bearish trendline on the hourly chart indicates resistance at $2.91.
The support at $2.82 is critical to avoid further losses.
XRP extended its losses after breaking the $2.95 support, hitting a recent low of $2.82, according to TradingView. This level coincides with the 38.2% Fibonacci retracement from the high of $3.095 to the low of $2.82. Although it attempted a rebound towards $2.90, the bears have stalled the momentum near the 50% Fibonacci level.
Bullish Scenario: A clear break above $2.91 could drive XRP towards $2.95, with $3.00 as the next psychological target. A close above $3.00 could aim for $3.12.
Bearish Scenario: If it fails to surpass $2.91, XRP could retest $2.82. A break below this level would open the door to $2.76, with additional support at $2.70.
Technical Indicators
MACD (hourly): Shows increasing bearish momentum, with the histogram in negative territory.
RSI (hourly): At 45, indicates selling pressure, but is not in oversold territory, suggesting room for more declines or a possible rebound.
Key Supports and Resistances
Main Support: $2.82, followed by $2.76.
Main Resistance: $2.91, with $2.95 as a critical barrier.
With macroeconomic uncertainty and the recent outflow of 20M XRP to exchanges, according to CryptoQuant, the bearish pressure could intensify. However, the resolution of the SEC-Ripple case maintains long-term optimism. Will the bulls defend $2.82?
