XRP Price Recovery Stalls, Signs Point Toward Renewed Selling Pressure

XRP price is showing bearish signs below the $3.00 resistance zone. The price is struggling to recover above the $2.950 and $3.00 levels.

• XRP price is declining below the $3.00 and $2.950 levels.
• The price is now trading below $2.950 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at $2.9650 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move down if it stays below the $3.00 zone.

XRP Price Recovery Faces Hurdles

XRP price remained in a bearish zone after a close below the $3.050 level, like Bitcoin and Ethereum. The price extended losses and traded below the $3.00 support zone.

The price even declined below $2.90. Finally, it tested the $2.820 support zone. A low was formed at $2.820 and the price recently corrected some losses. There was a move above the $2.90 level. The price surpassed the 50% Fib retracement level of the downward move from the $3.095 swing high to the $2.820 low.

However, the bears are active below the $3.00 level and the 61.8% Fib retracement level of the downward move from the $3.095 swing high to the $2.820 low. There is also a bearish trend line forming with resistance at $2.9650 on the hourly chart of the XRP/USD pair.

The price is now trading below $2.950 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.950 level. The first major resistance is near the $2.9650 level.

A clear move above the $2.9650 resistance might send the price toward the $3.00 resistance. Any more gains might send the price toward the $3.050 resistance. The next major hurdle for the bulls might be near $3.120.

Another Decline?

If XRP fails to clear the $2.9650 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.90 level. The next major support is near the $2.850 level.

If there is a downside break and a close below the $2.850 level, the price might continue to decline toward the $2.820 support. The next major support sits near the $2.780 zone, below which there could be a sustained drop.

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 – $2.90 and $2.850.

Major Resistance Levels – $2.9650 and $3.00.

Source