📉 XRP Pulls Back After Rally—Healthy Correction or Trend Reversal? 🔍🪙
XRP began a downtrend from $3.650. The price is below $3.30 and might fall further.
A bearish reversal began below $3.50 for XRP.
The price is below $3.450 and the 100-hour SMA.
On the hourly XRP/USD chart, a negative trend line with resistance at $3.30 is formed.
If it remains over $3.050, the pair may rise again.
XRP Falls More
XRP fell after failing to break $3.650 barrier like Bitcoin and Ethereum. Price fell below $3.450 and $3.350 support.
The price fell below $3.120. The price found a bottom around $3.050 and is consolidating losses at the 23.6% Fib retracement level of the current slide from the $3.650 swing high.
The price is below $3.450 and the 100-hour SMA. On the hourly XRP/USD chart, a negative trend line with resistance at $3.30 is formed.
The price may encounter resistance at $3.2320 on the upside. Near $3.2650 is the first significant resistance. A clean break over $3.2650 barrier might drive the stock toward $3.350 resistance or the 50% Fib retracement level of the latest slide from $3.650 swing high to $3.050 low.
More advances might push the price toward $3.450 or $3.50. The $3.650 zone may be the bulls' next significant obstacle.
Another Drop?
XRP may fall again if it fails to break $3.350. Initial downside support is $3.150. Near $3.120 is the next important support.
A downward break and closing below $3.120 might push the price near $3.050. Near $3.00 is the next important support.
Tech Indicators
Hourly MACD on XRP/USD is falling in the negative zone.
Relative Strength Index hourly XRP/USD RSI is below 50.
Major Support Levels: $3.120, $3.050.
Key Resistance Levels: $3.250, $3.350.
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