XRP is currently undergoing a price correction, having struggled to hold above the $3.25 mark, with potential support anticipated around the $3.00 level.
Recently, XRP initiated a downward correction after reaching the $3.25 zone. Currently, it trades below $3.15 and the 100-hourly Simple Moving Average. A bearish trend line is forming, with resistance established at $3.10 on the hourly chart of the XRP/USD pair, as observed from Kraken data. There is potential for a rebound if the price can maintain its position above the $3.00 support level.
XRP kicked off a fresh upward movement from the $3.05 support area, albeit with limited upside strength compared to Bitcoin. The price briefly surpassed $3.15 before encountering selling pressure. A high was recorded at $3.25, followed by a full correction of previous gains. The price reached a low at $3.035 and is now consolidating below the 23.6% Fibonacci retracement level of the decline from $3.285 to $3.035.
Presently trading below $3.15 and the 100-hourly SMA, XRP is likely to face resistance near the $3.10 area, where a connecting bearish trend line is forming on its hourly chart. The primary resistance lies around $3.16, coinciding with the 50% Fibonacci retracement level of the recent downturn. A subsequent resistance point is set at $3.20.
A decisive move above the $3.20 mark could propel the price towards the higher $3.25 resistance, with further potential gains aiming for $3.35 or $3.365 in the near term. The next significant resistance for a bullish trend is projected at $3.45.
Should XRP struggle to surpass the $3.10 resistance, a further decline might ensue. Initial downside support is located near $3.05, with stronger support around $3.00. A break below and close beneath $3.00 could extend the decline towards $2.88, with subsequent major support expected around the $2.75 area.
