XRP Under Pressure: Bears Push Price Below Key $3.10 Mark

XRP's price continues to face significant bearish momentum, struggling to hold above the critical $3.10 resistance zone. The digital asset is currently trading around $3.050, leaving it vulnerable to further declines as market sentiment remains cautious.

Persistent Downward Trajectory

Following a broader market downturn affecting cryptocurrencies like Bitcoin and Ethereum, XRP's price closed below the $3.20 level, extending its losses and slipping beneath the $3.10 support. The asset even dipped below $3.00, ultimately testing the $2.950 support zone and forming a low at $2.941. Despite a recent attempt at a recovery wave above the 50% Fibonacci retracement level from its $3.148 swing high to the $2.941 low, bears have remained dominant, actively defending the $3.10 and 76.4% Fib retracement levels. A notable bearish trend line is also forming on the hourly chart, signaling resistance at $3.070 for the XRP/USD pair.

Navigating Key Levels and Technical Indicators

Currently, XRP is trading below both $3.050 and the 100-hourly Simple Moving Average, underscoring its bearish short-term outlook. On the upside, immediate resistance is expected near $3.0450, with the first major hurdle at the $3.070 level. A decisive break above $3.070 could pave the way for a move towards $3.120, potentially extending gains to the $3.150 resistance or even the 50% Fib retracement level of the larger downward move from the $3.350 high. Conversely, failure to clear the $3.070 resistance could trigger a fresh decline, with initial support at $2.9420, followed by the crucial $2.920 level. A breach below $2.920 might accelerate losses toward $2.850 and potentially $2.80, indicating a more significant downward trend. Technical indicators corroborate the bearish sentiment: the Hourly MACD for XRP/USD is gaining momentum in the bearish zone, and the Hourly Relative Strength Index (RSI) remains below the 50 level. Key support levels to watch are $2.940 and $2.880, while major resistance levels are $3.070 and $3.10.