XRP Price Trapped Below Resistance – Bulls Running Out of Steam?

XRP price is struggling to continue higher above the $3.020 zone.

The price is consolidating and might decline below the $2.920 support.

XRP price is correcting gains from the $3.10 zone.

The price is now trading near $2.980 and the 100-hourly Simple Moving Average.

There is a bearish trend line forming with resistance at $3.020 on the hourly chart of the XRP/USD pair (data source from Kraken).

The pair could start another increase if it stays above the $2.880 zone.

XRP Price Faces Resistance XRP price failed to continue higher above the $3.10 resistance zone, like Bitcoin and Ethereum .

The price formed a short-term top and started a fresh decline below the $3.020 level.

The price dipped below the $3.00 level.

There was a move below $2.950 and the price tested the 50% Fib retracement level of the upward move from the $2.730 swing low to the $3.106 high.

However, the bulls were active near the $2.920 zone.

The price is now trading near $2.980 and the 100-hourly Simple Moving Average.

On the upside, the price might face resistance near the $3.00 level.

There is also a bearish trend line forming with resistance at $3.020 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $3.10 level.

A clear move above the $3.10 resistance might send the price toward the $3.120 resistance.

Any more gains might send the price toward the $3.180 resistance or even $3.20 in the near term.

The next major hurdle for the bulls might be near the $3.250 zone.

Another Decline? If XRP fails to clear the $3.020 resistance zone, it could start another decline.

Initial support on the downside is near the $2.920 level.

The next major support is near the $2.880 level or the 61.8% Fib retracement level of the upward move from the $2.730 swing low to the $3.106 high.

If there is a downside break and a close below the $2.880 level, the price might continue to decline toward the $2.810 support.

The next major support sits near the $2.750 zone where the bulls might take a stand.

Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $2.920 and $2.880. Major Resistance Levels – $3.020 and $3.10..

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