Jakarta, Pintu News – Currently, the price of Ripple (XRP) is having a hard time staying above $3,020 and $3,050. Currently, the price is in a consolidation phase and may decline towards the $2,920 zone.
The price of Ripple (XRP) had shown a decent increase after managing to stabilize above the $2,820 level. However, its performance still lags behind that of Bitcoin (BTC) and Ethereum (ETH). The price managed to cross the $2.90 and $2.950 resistance levels. After that, it even managed to climb past $3,020 before selling pressure kicked in.
The highest point was recorded at $3,098 before the price corrected again. The last low was formed at $2,950 before the price tried to break $3,050 again. Currently, the price is moving lower below the 50% Fibonacci retracement level of the last wave from $2,950 to $3,048.
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Currently, Ripple (XRP) price is trading below $3.00 and the 100-hour simple moving average. On the upside, the price may face resistance near the $3,020 level. The first major resistance is near the $3,050 level. There is also a key descending channel forming with resistance at $3,045 on the hourly chart of the XRP/USD pair.
If the price manages to cross the $3,050 resistance, it could push the price towards the $3,080 resistance. A further rise might lead the price towards the $3,120 resistance. The next big hurdle for the buyers might be near $3,150.
If Ripple (XRP) fails to cross the $3,030 resistance zone, the price may see a fresh decline. Initial support on the downside is near the $2.9720 level or the 76.4% Fibonacci retracement level of the last wave from $2.950 to $3.048. The next major support is near the $2,920 level.
In case of a downward break and close below the $2,920 level, the price may continue to decline towards $2,850. The next major support lies near the $2.80 zone, below which the price could continue to decline towards $2.720.
Taking into account the current market dynamics and technical factors at hand, investors and market watchers should constantly monitor the price movements of Ripple (XRP) to identify opportunities and risks that may arise. This analysis provides an overview of the potential direction that Ripple (XRP) will take in the near future.
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