XRP Price Slips Under $3 – Can Bulls Stage a Quick Rebound?

XRP price started a downside correction from the $3. 180 resistance.

The price is now consolidating and might start another increase if it clears $3. 050.

XRP price is consolidating losses after declining from the $3. 180 resistance.

The price is now trading below $3. 050 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 a fresh increase if the price clears the $3. 050 zone.

XRP Price Corrects Gains XRP price started a downside correction below the $3. 120 level, like Bitcoin and Ethereum .

The price dipped below the $3. 050 level to enter a short-term bearish zone.

There was a move below the $3. 00 pivot level and the 100-hourly Simple Moving Average.

A low was formed at $2. 957 and the price is now consolidating losses.

There was a minor move above the 23. 6% Fib retracement level of the downward move from the $3.

186 swing high to the $2. 957 low.

The price is now trading below $3. 050 and the 100-hourly Simple Moving Average.

Besides, there is a bearish trend line forming with resistance at $3. 020 on the hourly chart of the XRP/USD pair.

If the bulls protect the $2. 950 support, the price could attempt another increase.

On the upside, the price might face resistance near the $3. 020 level.

The first major resistance is near the $3. 050 level.

A clear move above the $3. 050 resistance might send the price toward the $3.

120 resistance. Any more gains might send the price toward the $3.

180 resistance. The next major hurdle for the bulls might be near $3.

250. More Downsides?

If XRP fails to clear the $3. 020 resistance zone, it could continue to move down.

Initial support on the downside is near the $2. 950 level.

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.

880. The next major support sits near the $2.

840 zone, below which the price could gain bearish momentum. 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.

950 and $2. 920.

Major Resistance Levels – $3. 020 and $3.

050.