A key bullish trend line with support at $3.28 was broken on the hourly chart of the XRP/USD pair (data from Kraken), pushing the price below $3.25 and $3.15. XRP formed a low at $3.031 and is now attempting a recovery toward the 23.6% Fibonacci retracement level of the drop from $3.35 to $3.031.
Currently, XRP trades below $3.12 and the 100-hourly Simple Moving Average, with immediate resistance near $3.10. The first major resistance stands at $3.15. A decisive break above this level could push the price toward $3.20, followed by $3.25 and possibly $3.2650. The next key hurdle is near $3.30.
Risk of Another Decline
If XRP fails to break $3.15, it risks another drop. Initial support lies at $3.05, followed by the critical $3.02 zone. A close below $3.02 could see XRP testing $3.00 or even $2.88 in the short term.
Technical Indicators
- Hourly MACD: Losing strength in the bullish zone.
- Hourly RSI: Below the 50 level, signaling weak momentum.
- Major Support Levels: $3.050, $3.020
- Major Resistance Levels: $3.150, $3.20
