After a sharp downward correction below the $3.20 area, XRP is now attempting to recover and may be on track to create a significant bullish reversal in the near term.
🧨 Price drop to below $3.20 - but signs of recovery are emerging
As with many other altcoins, XRP has faced increasing selling pressure as it fell below strong support levels at $3.30 and $3.25. This decline continued to push the price below levels of $3.22 and $3.12, breaking the 50% Fibonacci retracement level from a low of $3.004 to a high of $3.330. However, strong buying pressure emerged around the $3.080 area, which corresponds to the 76.4% Fibonacci retracement level, helping the price stabilize and rebound slightly.
On the hourly chart, the XRP/USD pair has broken the downward trend line, with resistance at the $3.120 level. This is the first positive signal indicating a potential bullish reversal in the short term.
💡 Current technical situation
100 Hour SMA: The price of XRP is still trading below this moving average, indicating that the trend remains weak.
Hourly MACD: The MACD is still in the negative zone, indicating that selling pressures are still present but showing signs of weakening.
Hourly Relative Strength Index: The RSI has surpassed the 50 level, indicating that bullish momentum is gradually returning.
📈 Bullish scenario
If the price of Ripple (XRP) maintains support at $3.080, it may resume recovery. The first resistance area is at $3.170. If the price clearly breaks the $3.20 level and stays at this level, the bullish momentum is likely to consolidate, pushing the price towards $3.25, then to $3.33 or even $3.35. In a more positive scenario, the $3.40 level will be a key test for bulls.
📉 Bearish scenario
However, if XRP fails to surpass the $3.20 level, the risk of correction will return. The nearest support is at $3.080. If this level is breached, the price may drop to $3.020, which is the next important support level.
In the worst case, a break below the $3.020 level may push the price to test the $3.00 area. If market sentiment turns more negative, the next strategic support level will be at $2.980.
📊 Summary of key technical achievements
Key support: $3.080, $3.020, $3.000, $2.980
Key resistance: $3.170, $3.200, $3.250, $3.330, $3.400
Summary: XRP shows signs of recovery after a strong correction. The $3.20 level currently represents the competitive area that defines the short-term trend. Any breakout or drop at this level will determine the next direction for XRP's price in the near future.