XRP price movement analysis: Failed to break through the 3 dollar resistance level, may face further fall risk in the short term | crypto market insights

The XRP price has recently continued to show bearish signals, with multiple attempts to break through the resistance levels of $2.950 and $3.00 all failing. The price has now fallen below the 100-hour simple moving average and has formed a downward trend line. If it cannot break through the key resistance level, XRP may further dip into the support area. This article combines technical indicators and market dynamics to provide in-depth analysis and trading strategy references for encryption investors.

[XRP price failed to effectively break through the key resistance level] The price of XRP has continued to weaken after failing to stabilize at $3.050, gradually falling below the support levels of $3.00 and $2.950. Although there was a slight rebound after dipping to a low of $2.820, the price still failed to break through the 61.8% Fibonacci retracement level (from the high of $3.095 to the low of $2.820), indicating insufficient buying power.

[Descending trend line formed, technical indicators are bearish] On the hourly chart, the XRP/USD trading pair has formed a descending trend line, with the resistance level around $2.9650. The current price is not only below $2.950 but also below the 100-hour simple moving average, indicating that the short-term trend remains bearish. If the bulls cannot push the price above the $2.9650 resistance area, it may trigger a new round of fall.

[Key Support and Resistance Level Analysis]

(Source: TradingView)

In terms of upward resistance, $2.950 is the initial resistance level, with major resistance concentrated at $2.9650 and the psychological level of $3.00. If it breaks through $3.00, the next target levels are $3.050 and $3.120. On the downside, the first support level is $2.90. If it fails to hold, it may test $2.850. If it further falls below $2.850, the price may dip to the $2.820 or even $2.780 area.

[Technical indicators show that bears are dominant] The hourly MACD indicator is currently in the bearish zone with increasing momentum, and the RSI indicator is below the 50 midline, indicating that selling pressure continues to exist. Investors need to closely monitor the defense of the support level to guard against short-term fall risks.

【Conclusion】 Based on the overall technical analysis and market sentiment, if the XRP price cannot quickly recover the resistance level at $2.9650, it may continue to seek support downwards. Cryptocurrency market investors should operate cautiously and closely monitor the impact of the price movements of mainstream coins like Bitcoin and Ethereum on XRP. In the long term, XRP still needs to break through the pressure zone of $3.00-$3.12 to open up upward space.