XRP Price Correction Deepens: Failed to Hold Critical Support Levels

XRP bulls just got a brutal reality check as the digital asset fails to maintain its recent gains.

Support Levels Crumble

The token's inability to hold above key psychological levels triggered a cascade of selling pressure. Market sentiment flipped from cautiously optimistic to outright bearish in mere hours.

Traders who bought the recent pump now face the classic crypto dilemma—hold through potentially deeper losses or cut positions. Meanwhile, the 'buy the dip' crowd remains suspiciously quiet this time around.

Just another day in crypto where yesterday's rally becomes today's margin call.

XRP Price Dips Again

XRP price attempted more gains above the $3.050 zone but struggled, like Bitcoin and Ethereum. The price topped near the $3.120 level and recently started a downside correction.

There was a MOVE below the $3.050 and $3.00 levels. The price dipped below the 76.4% Fib retracement level of the upward move from the $2.781 swing low to the $3.126 high. Besides, there was a break below a rising channel with support at $3.00 on the hourly chart of the XRP/USD pair.

Finally, the price tested the $2.820 zone. A low was formed at $2.8244 and the price is now consolidating losses. The price is now trading below $2.950 and the 100-hourly Simple Moving Average.

On the upside, the price might face resistance near the $2.90 level. The first major resistance is near the $2.980 level. It is close to the 50% Fib retracement level of the recent decline from the $3.126 swing high to the $2.824 low.

A clear move above the $2.980 resistance might send the price toward the $3.050 resistance. Any more gains might send the price toward the $3.120 resistance. The next major hurdle for the bulls might be near $3.20.

Another Decline?

If XRP fails to clear the $2.980 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.8250 level. The next major support is near the $2.780 level.

If there is a downside break and a close below the $2.780 level, the price might continue to decline toward $2.720. The next major support sits near the $2.650 zone, below which the price could gain bearish momentum.

Technical Indicators

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

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

Major Support Levels – $2.8250 and $2.780.

Major Resistance Levels – $2.980 and $3.050.