XRP Price Analysis: Bulls Falter Near $3.10 Resistance
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XRP's price struggles to surpass the $3.020 resistance level, consolidating after a correction from its recent high near $3.10. Technical indicators suggest bearish momentum, with the hourly MACD losing pace in the bearish zone and the RSI dipping below 50, indicating weakening bullish sentiment. The price currently trades near $2.980, close to the 100-hourly Simple Moving Average. Support levels are identified at $2.920 and $2.880, while resistance is seen at $3.020 and $3.10. A decisive break above $3.10 could propel XRP towards $3.120, $3.180, or even $3.20, but failure to overcome the $3.020 resistance may lead to a further decline towards $2.880, $2.810, and potentially $2.750. The formation of a bearish trend line at $3.020 adds to the bearish pressure. The analysis highlights the crucial role of the $3.020 and $3.10 levels in determining the short-term direction of XRP's price. The current consolidation phase suggests a battle between buyers and sellers, with the bears currently gaining the upper hand. Traders should closely monitor these key levels and technical indicators to gauge the potential for further price movements. This consolidation follows a similar pattern observed in Bitcoin and Ethereum, suggesting a broader market trend influencing XRP's price action. The Fibonacci retracement levels further reinforce the identified support and resistance zones, providing additional context for the price action analysis.
(Source: https://www.newsbtc.com/analysis/xrp/xrp-price-trapped-below-3-10/)
