The XRP price has encountered difficulties sustaining gains above the critical $3.20 mark. After dipping below $3.00, the cryptocurrency is presently attempting to initiate a recovery phase.
XRP's value began a downward correction from the $3.20 zone, now trading under $3.050 and the 100-hour Simple Moving Average. A significant decline breached a bullish trend line, with support previously situated at $3.120 on the hourly chart of the XRP/USD pair, as per data from Kraken. Despite these challenges, the pair may see a renewed increase if it maintains support above the $3.00 level.
In line with moves seen in Bitcoin and Ethereum, XRP price struggled to surpass the $3.20 resistance and experienced a consequent drop. The price moved below the $3.15 and $3.12 support thresholds, breaking a crucial bullish trend line at $3.120. The currency even dipped beneath $3.00, forming a low at $2.940 while consolidating its losses.
Currently, XRP trades below $3.120 and the 100-hourly Simple Moving Average. A minor recovery saw the price climb above the 23.6% Fib retracement level of the decline from the $3.207 high to the $2.940 low. Resistance is anticipated near $3.050, corresponding to the 50% Fib retracement level. Additional resistance levels are targeted at $3.150, beyond which $3.20 presents a notable barrier.
Successfully surpassing the $3.20 resistance could propel XRP toward $3.250. Further gains might push it to the $3.350 region or even beyond to $3.3650, with $3.450 emerging as a significant challenge for bullish momentum.
Should XRP not overcome the $3.050 resistance zone, it risks entering another phase of decline. Initial support is expected near the $3.00 mark, with substantial backing around $2.950. A break and close below $2.950 might see the price fall to the $2.880 support, leading potentially further down to approximately $2.750.