XRP price started a recovery wave from the $2.720 support. The price shows positive signs but faces a major hurdle at $3.00.
XRP Price Could Face Hurdles If It Recovers
In the last technical analysis, we saw a downside correction in XRP below the $3.050 zone. The price declined below the $3.00 and $2.920 support levels to enter a bearish zone. The bears even pushed the price below $2.90 and the 50-day simple moving average (blue), like Bitcoin.
Finally, the price spiked below the 50% Fib retracement level of the key increase from the $1.9124 swing low to the $3.6614 high. It found support near $2.720 and recently started a recovery wave.
XRP price is up over 6% and there was a move above $2.90. However, the price is still well below the 50-day simple moving average (blue). More importantly, there is a major bearish trend line forming with resistance at $3.00 on the daily chart.
The same trend line is currently acting as a hurdle and preventing an upside break above $3.00. If XRP fails to continue higher above $3.00 or the 50-day simple moving average (blue), it could start another decline.
Immediate support is near the $2.850 level. The first major support sits near the $2.750 and $2.720 levels. A daily close below the $2.720 support could send the price further lower. The next area of interest below $2.720 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.
If the bears push the price below $2.580, the price could struggle to recover in the short term. In the stated scenario, the price could slide below $2.450. The main pivot level might be $2.325. Any more losses could send the price toward the $2.20 support zone.
Upside Break?
If XRP remains stable above $2.850, it could attempt an upside break. Immediate resistance on the upside is near the $3.00 level and the trend line. The first major resistance is near the $3.020 level and the 50-day simple moving average (blue).
A close above $3.00 and $3.020 could spark bullish moves. The next stop for the bulls might be $3.10, above which the price could accelerate higher toward $3.320. Any more gains might open the doors for a move toward the $3.50 zone.
Overall, XRP price is attempting to recover above $2.90. However, it must settle above $3.00 and $3.020 to continue higher. If it fails, the bears might aim for a move toward $2.580 in the coming days.
