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

XRP price started a downside correction from the $3.180 ￰0￱ 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 ￰1￱ price is now trading below $3.050 and the 100-hourly Simple Moving ￰2￱ 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 ￰3￱ Price Corrects Gains XRP price started a downside correction below the $3.120 level, like Bitcoin and ￰4￱ price dipped below the $3.050 level to enter a short-term bearish ￰5￱ 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 ￰6￱ 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 ￰7￱ 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 ￰8￱ the bulls protect the $2.950 support, the price could attempt another ￰9￱ the upside, the price might face resistance near the $3.020 ￰10￱ 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 ￰11￱ more gains might send the price toward the $3.180 ￰12￱ 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 ￰13￱ support on the downside is near the $2.950 ￰14￱ next major support is near the $2.920 ￰15￱ 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 ￰16￱ Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish ￰17￱ RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 ￰18￱ Support Levels – $2.950 and $2.920. Major Resistance Levels – $3.020 and $3.050.