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XRP Price Slips Under $3 – Can Bulls Stage a Quick Rebound?

XRP worth began a draw back correction from the $3.180 resistance. The worth is now consolidating and may begin one other improve if it clears $3.050.

  • XRP worth is consolidating losses after declining from the $3.180 resistance.
  • The worth is now buying and selling beneath $3.050 and the 100-hourly Simple Moving Average.
  • There is a bearish development line forming with resistance at $3.020 on the hourly chart of the XRP/USD pair (information supply from Kraken).
  • The pair might begin a contemporary improve if the value clears the $3.050 zone.

XRP Price Corrects Gains

XRP worth began a draw back correction beneath the $3.120 degree, like Bitcoin and Ethereum. The worth dipped beneath the $3.050 degree to enter a short-term bearish zone.

There was a transfer beneath the $3.00 pivot degree and the 100-hourly Simple Moving Average. A low was fashioned at $2.957 and the value is now consolidating losses. There was a minor transfer above the 23.6% Fib retracement degree of the downward transfer from the $3.186 swing high to the $2.957 low.

The worth is now buying and selling beneath $3.050 and the 100-hourly Simple Moving Average. Besides, there may be a bearish development line forming with resistance at $3.020 on the hourly chart of the XRP/USD pair.

If the bulls defend the $2.950 assist, the value might try one other improve. On the upside, the value may face resistance close to the $3.020 degree. The first main resistance is close to the $3.050 degree. A transparent transfer above the $3.050 resistance may ship the value towards the $3.120 resistance. Any extra beneficial properties may ship the value towards the $3.180 resistance. The subsequent main hurdle for the bulls could be close to $3.250.

More Downsides?

If XRP fails to clear the $3.020 resistance zone, it might proceed to maneuver down. Initial assist on the draw back is close to the $2.950 degree. The subsequent main assist is close to the $2.920 degree.

If there may be a draw back break and a shut beneath the $2.920 degree, the value may proceed to say no towards $2.880. The subsequent main assist sits close to the $2.840 zone, beneath which the value might achieve bearish momentum.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now dropping tempo within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now beneath the 50 degree.

Major Support Levels – $2.950 and $2.920.

Major Resistance Levels – $3.020 and $3.050.

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