In recent days, the price of XRP has seen a significant decline following a failed attempt to break through the $3.35 resistance level.
Current Market Situation of XRP
XRP price dropped over 6% from the $3.35 resistance area, mirroring similar trends in Bitcoin and Ethereum. The decline followed a failed breakout above $3.35, leading to a correction and a test of the $3.02 support level. XRP is currently trading below $3.12, under pressure from the 100-hourly Simple Moving Average.
Risks of Further Decline
If XRP fails to break above $3.15, it risks another drop. Initial support lies at $3.05, followed by the critical zone at $3.02. A close below $3.02 could see XRP testing $3.00 or even $2.88 in the short term.
Technical Indicators
Current technical indicators suggest potential changes in the XRP market. The hourly MACD is losing strength in the bullish zone, while the hourly RSI is below the 50 level, indicating weak momentum. Major support levels are $3.050 and $3.020, while resistance levels are at $3.150 and $3.20.
The situation in the XRP market remains tense, with clear risks of further declines unless there is a breakthrough above key resistance levels.
