The XRP price has started a downward correction below the $3.250 region. The price is currently consolidating and may further break below the $3.050 region.
XRP price has started to retreat below $3.250.
The current price is below $3,220 and the 100-hour simple moving average.
On the hourly chart for XRP/USD, a critical bullish trend line has been breached, with support at $3.240 (data source: Kraken).
If the currency pair stays above $3.080, it may begin to rise again.
XRP price has broken below the support level.
XRP price, like Bitcoin and Ethereum, has started a new round of decline from the $3.330 region, breaking below the $3.2850 and $3.250 support levels.
The price has broken below the 50% Fibonacci retracement level of the upward move from the $3.004 low to the $3.330 high. Additionally, on the hourly chart for XRP/USD, the price has breached a critical bullish trend line, with support at $3.240.
The decline is so significant that the price has fallen below the $3.120 level. The current price is below $3.150 and the 100-hour simple moving average.
On the upside, the price may face resistance near $3.1680. The first major resistance is around $3.220. If the price clearly breaks the $3.220 resistance, it may push up to the $3.250 resistance level. If the price continues to rise, it may reach the $3.330 or even $3.350 resistance level in the short term. The next major resistance for bulls could be near the $3.40 region.
Another drop?
If XRP fails to break the $3.250 resistance level, it may trigger a new round of decline. On the downside, initial support is near $3.080, or the 76.4% Fibonacci retracement level of the upward move from the $3.004 low to the $3.330 high. The next major support level is around $3.050.
If the price breaks the downward resistance and closes below $3.050, it may continue to fall towards the $3.020 support level. The next major support level is near the $3.00 region, where bulls might find footing.
Technical indicators
Hourly MACD - The MACD for XRP/USD is currently accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) - The RSI for XRP/USD is now below the 50 level.
Major support levels - $3.080 and $3.00.
Major resistance levels - $3.1680 and $3.250.
