XRP's price has encountered significant resistance, struggling to maintain its position above the $3.25 threshold. As it corrects, it may stabilize around $3.00.
During its downward correction from $3.250, XRP traded below $3.150 and slipped under the 100-hourly Simple Moving Average. A bearish trend line with resistance at $3.10 is evident on the hourly chart (data source: Kraken). While XRP managed a rebound from $3.050, gains remain capped beneath the Bitcoin price level.
The token initially reached $3.25 before retracting, establishing a low at $3.035. It now consolidates below the 23.6% Fib retracement from $3.285 to $3.035. Observers note XRP trading under both $3.15 and the 100-hourly Simple Moving Average.
Further upside resistance looms at $3.10, with a more significant barrier around $3.160, the 50% Fib retracement of the recent drop. Surpassing $3.20 could propel XRP toward $3.250, eventually targeting levels like $3.350 or $3.3650. Bulls may face a formidable challenge at $3.450.
Nevertheless, a failure to breach the $3.10 mark could instigate fresh declines, with support initially at $3.050, followed by $3.00. A decisive break below this may lead XRP to test $2.880 and potentially $2.750 thresholds.
Current technical indicators: the hourly MACD shows increasing bearish momentum, and the RSI is under 50. Supporting levels linger at $3.050 and $3.00, while resistance persists at $3.10 and $3.20.
