XRP price declined, tested $2.70, and recently recovered some losses. The price still shows bearish signs and could drop again from $3.00.
XRP Price Faces Uphill Task
In the last technical analysis, we saw a fresh decline in XRP below the $3.00 pivot level. The bears pushed the price below $2.92 and $2.85. Finally, the price tested $2.70 before the bulls appeared.
A low was formed at $2.7058, and the price is now attempting to recover, like Bitcoin. There was a minor upward move above $2.82 and the 23.6% Fib retracement level of the recent decline from the $3.182 swing high to the $2.705 low.
XRP price is still trading well below the $3.00 support zone and the 50-day simple moving average (blue). Besides, a key declining channel is forming with resistance at $3.050 on the daily chart.
If the bulls remain in action, there could be more upside. Immediate resistance sits near the $2.950 level and the 50-day simple moving average (blue). The first major resistance is near $3.00 and the 61.8% Fib retracement level.
The main hurdle is now forming near $3.050 and the channel’s trend line. A close above $3.00 and $3.050 could spark bullish moves. The next stop for the bulls might be $3.182, above which the price could accelerate toward $3.30. Any more gains might open the doors for a move toward the $3.480 region since it coincides with the 1.618 Fib extension Fib retracement level of the recent decline from the $3.182 swing high to the $2.705 low.
Another Decline?
If XRP fails near $3.00 or $3.050, it could start another decline. Immediate support is near the $2.80 level. The first significant support sits near the $2.720 and $2.70 levels. A daily close below the $2.70 support could lower the price.
The next area of interest below $2.70 could be $2.580 since it is close to the channel’s lower trend line. If the bears push the price below $2.580, the price could gain bearish momentum. In the stated scenario, the price could slide below $2.420. The main hurdle for the bears could be $2.320. Any more losses could send the price toward the $2.120 support zone.
Overall, the XRP price is attempting to recover from $2.70. The bulls must overcome the $3.00 and $3.050 resistance levels to start a steady increase in the coming sessions.