XRP Price Pauses Rally: Healthy Pullback or Reversal Ahead?
XRP price struggles to continue higher above $3.30. The price is currently correcting gains and may find bids near the $3.00 level.
- XRP price started a downward correction from the $3.30 area.
- The price is currently below $3.20 and the 100 hourly simple moving average.
- There is a break above the connecting bullish trend line with support at $3.1450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- If the pair holds above the $3.00 support, a fresh leg higher may begin.
XRP price drops again
XRP price managed to start a fresh rise from the $3.120 support area, but with Bitcoin. The price had already broken through the $3.250 level before the bears emerged.
A high was formed at $3.285 and the price recently started a downward correction. It fell below the $3.20 support level. The price fell below the 50% Fib retracement level of the upward move from the $3.012 swing low to $3.285 high.
Additionally, there was a break above the connecting bullish trend line with support at $3.1450 on the hourly chart of the XRP/USD pair. The price is currently below $3.20 and the 100 hourly simple moving average.
Currently at the 61.8% Fib retracement level move up From a swing low of $3.012 to a high of $3.285. On the upside, the price may face resistance near $3.150. The first major resistance level is near $3.20.
The next resistance level is $3.250. A clear break above the $3.250 resistance could push the price towards the $3.30 resistance. If there is further upside, the price may move towards the $3.4250 resistance or even $3.450 in the short term. The next major obstacle for the bulls is likely to be $3.50.
More losses?
If XRP fails to break above the $3.20 resistance zone, it may start another decline. Initial support on the downside is near $3.120. The next major support is near $3.00.
If there is a downside breakout and a close below $3.00, the price may continue to fall towards the $2.880 support. The next major support is near the $2.750 area.
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 currently below the 50 level.
Major support levels – $3.120 and $3.00.
Major resistance levels – $3.20 and $3.250.
