Summary: XRP Price at Risk of Correction – Bulls Losing Steam?

XRP has shown a promising surge above the $3.00 mark, igniting hopes among investors. However, the digital asset is now encountering significant resistance, signaling a potential near-term correction as bullish momentum appears to be waning. The cryptocurrency recently broke past the $2.820, $2.920, $2.950, and even the crucial $3.00 resistance levels, reaching a high of $3.106. This impressive rally was fueled by broader market strength, outperforming Bitcoin and Ethereum in its initial ascent. Despite clearing several hurdles, XRP has hit a ceiling around the $3.10 zone, prompting a corrective pullback. A notable break below a bullish trend line with support at $3.065 on the hourly chart further supports this sentiment, though XRP remains above its 100-hourly Simple Moving Average and the 23.6% Fibonacci retracement level. Potential Correction Ahead? Should XRP fail to convincingly clear the $3.10 resistance zone, further declines could be on the horizon. Key immediate support levels are identified at $3.00 and $2.950. A decisive drop below $2.950 could push the price towards the $2.920 mark, which aligns with the 50% Fibonacci retracement of its recent upward swing from the $2.730 low. The next significant floor for buyers is located around $2.880. Technical indicators, including the Hourly MACD, show a deceleration in bullish momentum, while the Hourly RSI remains above the 50 level, indicating a balanced, yet cautious, outlook for the XRP/USD pair.