XRP Price Correction Deepens After Failed Attempt to Hold Gains

XRP price is correcting gains from the $3.120 ￰0￱ price is now trading below $3.00 and remains at risk of more losses in the near ￰1￱ price is showing bearish signs from the $3.120 ￰2￱ price is now trading below $2.950 and the 100-hourly Simple Moving ￰3￱ was a break below a rising channel with support at $3.00 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could continue to down if it stays below the $3.00 ￰4￱ Price Dips Again XRP price attempted more gains above the $3.050 zone but struggled, like Bitcoin and ￰5￱ price topped near the $3.120 level and recently started a downside ￰6￱ was a move below the $3.050 and $3.00 ￰7￱ price dipped below the 76.4% Fib retracement level of the upward move from the $2.781 swing low to the $3.126 high.

Besides, there was a break below a rising channel with support at $3.00 on the hourly chart of the XRP/USD pair. Finally, the price tested the $2.820 zone. A low was formed at $2.8244 and the price is now consolidating ￰8￱ price is now trading below $2.950 and the 100-hourly Simple Moving ￰9￱ the upside, the price might face resistance near the $2.90 ￰10￱ first major resistance is near the $2.980 ￰11￱ is close to the 50% Fib retracement level of the recent decline from the $3.126 swing high to the $2.824 low. A clear move above the $2.980 resistance might send the price toward the $3.050 ￰12￱ more gains might send the price toward the $3.120 ￰13￱ next major hurdle for the bulls might be near $3.20.

Another Decline? If XRP fails to clear the $2.980 resistance zone, it could start a fresh ￰14￱ support on the downside is near the $2.8250 ￰15￱ next major support is near the $2.780 ￰16￱ there is a downside break and a close below the $2.780 level, the price might continue to decline toward $2.720. The next major support sits near the $2.650 zone, below which the price could gain bearish ￰17￱ Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish ￰18￱ RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 ￰19￱ Support Levels – $2.8250 and $2.780. Major Resistance Levels – $2.980 and $3.050.