XRP price struggled near $3.20 and reacted to the downside. The price shows bearish signs and could accelerate lower toward $2.60.
XRP Price Faces Bearish Pressure
After a close above $3.00, XRP attempted another increase from the 50% Fib retracement level of the key increase from the $1.9124 swing low to the $3.6614 high. The price climbed above the $3.050 and $3.120 resistance levels.
However, the bears remained active near the $3.20 pivot level. As a result, the price reacted to the downside below $3.120, like Bitcoin. The bears were able to push the price below the $3.00 support zone and the 50-day simple moving average (blue). These are some bearish signs, and the current price action suggests an increase in bearish pressure.
XRP price is down over 5% and is well below the 50-day simple moving average (blue). More importantly, there is a key declining channel forming with resistance at $3.10 on the daily chart.
Immediate support is near the $2.850 level. The first major support sits near the $2.720 and $2.70 levels. A daily close below the $2.70 support could send the price further lower. The next area of interest below $2.70 could be near the 61.8% Fib retracement level of the upward move from the $1.9124 swing low to the $3.6614 high at $2.580. It also coincides with 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 $2.50. The main pivot level might be $2.325. Any more losses could send the price toward the $2.00 support zone.
Another Increase?
If XRP remains stable above $2.70 or $2.60, it could attempt a fresh increase. Immediate resistance on the upside is near the $3.00 level and the 50-day simple moving average (blue).
The first major resistance is near $3.10 and the channel’s trend line. A close above $3.00 and $3.10 could spark bullish moves. The next stop for the bulls might be $3.20, above which the price could accelerate higher toward $3.320. Any more gains might open the doors for a move toward the $3.650 region.
Overall, XRP price is moving lower below $3.00 with a bearish angle. If the bears remain in action, the price could revisit $2.70 or even $2.60 before the bulls take a stand.
