XRP Price Trails Bitcoin – Can It Break Past The Hurdles Holding It Back?

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 ￰0￱ price is slowly moving lower below the $3.00 pivot ￰1￱ price is now trading below $3.00 and the 100-hourly Simple Moving ￰2￱ 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 ￰3￱ price was able to surpass the $2.90 and $2.950 resistance ￰4￱ price even climbed above $3.020 before the bears appeared.

A high was formed at $3.098 and the price corrected some ￰5￱ 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 ￰6￱ price is now trading below $3.00 and the 100-hourly Simple Moving ￰7￱ the upside, the price might face resistance near the $3.020 ￰8￱ first major resistance is near the $3.050 ￰9￱ 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 ￰10￱ more gains might send the price toward the $3.120 ￰11￱ 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 ￰12￱ 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 ￰13￱ next major support is near the $2.920 ￰14￱ 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 ￰15￱ RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 ￰16￱ Support Levels – $2.950 and $2.920.

Major Resistance Levels – $3.020 and $3.050.