XRP Price Trapped Below Resistance – Bulls Running Out of Steam?
Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
XRP price is struggling to continue higher above the $3.020 zone. The price is consolidating and might decline below the $2.920 support.
- XRP price is correcting gains from the $3.10 zone.
- The price is now trading near $2.980 and the 100-hourly Simple Moving Average.
- There is a bearish trend line forming with resistance at $3.020 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start another increase if it stays above the $2.880 zone.
XRP Price Faces Resistance
XRP price failed to continue higher above the $3.10 resistance zone, like Bitcoin and Ethereum . The price formed a short-term top and started a fresh decline below the $3.020 level.
The price dipped below the $3.00 level. There was a move below $2.950 and the price tested the 50% Fib retracement level of the upward move from the $2.730 swing low to the $3.106 high. However, the bulls were active near the $2.920 zone.
The price is now trading near $2.980 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $3.00 level. There is also a bearish trend line forming with resistance at $3.020 on the hourly chart of the XRP/USD pair.
Source: XRPUSD on TradingView.comThe first major resistance is near the $3.10 level. A clear move above the $3.10 resistance might send the price toward the $3.120 resistance. Any more gains might send the price toward the $3.180 resistance or even $3.20 in the near term. The next major hurdle for the bulls might be near the $3.250 zone.
Another Decline?
If XRP fails to clear the $3.020 resistance zone, it could start another decline. Initial support on the downside is near the $2.920 level. The next major support is near the $2.880 level or the 61.8% Fib retracement level of the upward move from the $2.730 swing low to the $3.106 high.
If there is a downside break and a close below the $2.880 level, the price might continue to decline toward the $2.810 support. The next major support sits near the $2.750 zone where the bulls might take a stand.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $2.920 and $2.880.
Major Resistance Levels – $3.020 and $3.10.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Quarterly Revenue Hits 16.8 Billion for IPO Push—Can Anthropic’s Profits Support a $2 Trillion Valuation?
Anthropic disclosed Q3 revenue of $16.8 billion and achieved adjusted profitability. Compared to OpenAI's expectations and projected massive losses in 2025, the analysis covers Anthropic's enterprise growth logic, competitive landscape, and the rationality of its $2 trillion valuation.
"Bullish" Burry Issues Another Warning for US Stocks: If the "Magnificent Seven" Join the Drop and Bond Yields Fall, Wall Street May Face a "Bloody October"
Burry warns that the painful trading in the market may continue. He proposes a bearish "Red October" scenario: if the "Magnificent Seven" U.S. tech stocks follow semiconductor stocks in a decline, and bond yields simultaneously fall, his conviction in this scenario will become even stronger.
Tesla (TSLA.US) to Host Roadster Launch Event This Friday: Elon Musk Promises "Greatest Product Demo Ever," Debut of the Nine-Year-Teased "Flying Sports Car"
On the eve of the Roadster launch event, Elon Musk promised to deliver "the greatest product demonstration in history."
Tech Stocks Plunge, Safe-Haven U.S. Treasury Trades Return? 10-Year U.S. Treasury Yield Drops to Three-Week Low
If AI capital expenditure slows down, a sudden halt in computing power construction will severely impact the supply chain while lowering market expectations for demand in electricity, commodities, and high-end hardware. This not only leads to a correction of overvalued assets, but also undermines growth expectations and inflation premiums, ultimately benefiting bonds. This logic is highly similar to the macroeconomic landscape during the bursting of the internet bubble in 2000, when the Nasdaq collapsed and the yield on 10-year US Treasury bonds dropped from a high of 6.5% to the 4% range.
Crypto prices
More
