In recent days, the price of XRP—after reaching its yearly high—began a downward trend, first falling below the $3,250 support zone—underperforming Bitcoin and Ethereum—before sliding below the $3.20 and $3.050 support levels. The decline was so sharp that the price slipped below the $3.00 level, hitting a low of $2,959.
The price is currently recovering from recent losses and has bounced above the 23.6% Fibonacci retracement level. Furthermore, a key downtrend line has been broken , breaking resistance at $3,240 on the hourly chart of the XRP/USD pair. Currently, the price is holding above $3,250 and above the 100-hour simple moving average.
On the upside, the price could encounter initial resistance at $3.30 , corresponding to the 50% Fibonacci retracement level of the recent decline from the high of $3.650 to the low of $2.959. The first significant resistance is found around $3.3850. A decisive break of this level could push the price towards the resistance of $ 3.450.
Further gains could push the price towards the resistance at $3.50 or even as high as $3.5120 in the short term. The next major hurdle for the bulls could be found near the $3.650 zone.
Another drop in sight?
If XRP fails to break above the $3.30 resistance zone, it could initiate a new downside move. The first support is found at $3.20 , followed by key support around $3.150. If it breaks below and closes below $3.150, the price could continue its decline towards the $3.050 support level. The next major support is found near the $3.00 level.
Technical indicators
Hourly MACD – The MACD for the XRP/USD pair is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
Key levels
Major Supports – $3.20 and $3.150
Major resistances – $3.30 and $ 3.3850
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