XRP Price Pauses Rally: Healthy Pullback or Reversal Ahead?
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XRP price struggled to continue higher above the $3.30 level. The price is now correcting gains and might find bids near the $3.00 level.
XRP price started a downside correction from the $3.30 zone.
The price is now trading below $3.20 and the 100-hourly Simple Moving Average.
There was a break below a connecting bullish trend line with support at $3.1450 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might start a fresh increase if it stays above the $3.00 support.
XRP Price Dips Again
XRP price managed to start a fresh increase from the $3.120 support zone, but upsides were limited compared to Bitcoin. The price was able to surpass the $3.250 level before the bears appeared.
A high was formed at $3.285 and the price recently started a downside correction. There was a move below the $3.20 support. The price dipped below the 50% Fib retracement level of the upward move from the $3.012 swing low to the $3.285 high.
Besides, there was a break below a connecting bullish trend line with support at $3.1450 on the hourly chart of the XRP/USD pair. The price is now trading below $3.20 and the 100-hourly Simple Moving Average.
It is now holding the 61.8% Fib retracement level of the upward move from the $3.012 swing low to the $3.285 high. On the upside, the price might face resistance near the $3.150 level. The first major resistance is near the $3.20 level.
The next resistance is $3.250. A clear move above the $3.250 resistance might send the price toward the $3.30 resistance. Any more gains might send the price toward the $3.4250 resistance or even $3.450 in the near term. The next major hurdle for the bulls might be $3.50.
More Losses?
If XRP fails to clear the $3.20 resistance zone, it could start another decline. Initial support on the downside is near the $3.120 level. The next major support is near the $3.00 level.
If there is a downside break and a close below the $3.00 level, the price might continue to decline toward the $2.880 support. The next major support sits near the $2.750 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $3.120 and $3.00.
Major Resistance Levels – $3.20 and $3.250.
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