XRP price struggled to stay above $3.020 and $3.050. The price is now consolidating gains and might correct lower toward the $2.920 zone. XRP price is slowly moving lower below the $3.00 pivot zone. The price is now trading below $3.00 and the 100-hourly Simple Moving Average. There is a key declining channel forming with resistance at $3.0450 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start a fresh increase if it settles above $3.050. XRP Price Faces Hurdles XRP price started a decent increase after it settled above the $2.820 level, but it underperformed Bitcoin and Ethereum . The price was able to surpass the $2.90 and $2.950 resistance levels. The price even climbed above $3.020 before the bears appeared. A high was formed at $3.098 and the price corrected some gains. The last swing low was formed at $2.950 before the price retested $3.050. The price is now moving lower below the 50% Fib retracement level of the recent wave from the $2.950 swing low to the $3.048 high. The price is now trading below $3.00 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $3.020 level. The first major resistance is near the $3.050 level. There is also a key declining channel forming with resistance at $3.0450 on the hourly chart of the XRP/USD pair. A clear move above the $3.050 resistance might send the price toward the $3.080 resistance. Any more gains might send the price toward the $3.120 resistance. The next major hurdle for the bulls might be near $3.150. Another Decline? If XRP fails to clear the $3.030 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.9720 level or the 76.4% Fib retracement level of the recent wave from the $2.950 swing low to the $3.048 high. The next major support is near the $2.920 level. If there is a downside break and a close below the $2.920 level, the price might continue to decline toward $2.850. The next major support sits near the $2.80 zone, below which the price could continue lower toward $2.720. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $2.950 and $2.920. Major Resistance Levels – $3.020 and $3.050.
