Ah, the wretched state of XRP, languishing beneath the oppressive weight of the $3.00 resistance, as if it were a hapless soul trapped in a Dostoevskian nightmare. The price, like a forlorn lover, struggles to rise above the cursed thresholds of $2.950 and $3.00, only to be met with the cold embrace of despair.
- Alas, XRP’s value continues its descent, slipping below the once-mighty bastions of $3.00 and $2.950.
- Now, it finds itself trading beneath the $2.950 mark, a mere shadow of its former self, and the 100-hourly Simple Moving Average stands as a grim reminder of its failures.
- Behold! A bearish trend line emerges, casting a long shadow of resistance at $2.9650 on the hourly chart of the XRP/USD pair, as if mocking the very notion of recovery (data source from Kraken, of course).
- Should the pair remain shackled below the $3.00 zone, it may very well continue its downward spiral, much like a character in a tragic novel.
The Hurdles of Recovery
In a cruel twist of fate, XRP remains ensnared in a bearish abyss after a disheartening close below the $3.050 level, joining the ranks of its melancholic brethren, Bitcoin and Ethereum. The price, in its relentless pursuit of misery, has extended its losses, now languishing beneath the $3.00 support zone.
It even dared to dip below the $2.90 mark, testing the depths of despair at the $2.820 support zone. A low was etched in the annals of financial history at $2.820, only to witness a fleeting correction, a brief flicker of hope as it climbed above $2.90. The price, in a moment of defiance, surpassed the 50% Fib retracement level of its downward descent from the $3.095 swing high to the $2.820 low.
Yet, the bears, those relentless tormentors, remain vigilant below the $3.00 level and the 61.8% Fib retracement level, as if guarding the gates of despair. The bearish trend line, with its mocking resistance at $2.9650, looms ominously over the XRP/USD pair.
Trading now below $2.950 and the 100-hourly Simple Moving Average, the price faces an uphill battle against resistance near the $2.950 level. The first major obstacle stands at $2.9650, a veritable fortress of despair.
Should there be a miraculous ascent above the $2.9650 resistance, one might dare to dream of a journey toward the $3.00 resistance. Any further gains could lead to the elusive $3.050 resistance, with the next major hurdle for the bulls lurking ominously near $3.120.
Another Descent?
But lo! If XRP fails to breach the $2.9650 resistance zone, it may very well embark on a fresh descent into the abyss. Initial support on this treacherous path lies near the $2.90 level, with the next major support lurking at $2.850.
Should the price break free from its tenuous grip and close below the $2.850 level, it may continue its tragic decline toward the $2.820 support. The next major support, a grim specter, awaits near the $2.780 zone, below which a sustained drop could ensue, echoing the despair of countless souls.
Technical Indicators
Hourly MACD – The MACD for XRP/USD now gains momentum in the bleak realm of the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD languishes below the 50 level, a testament to its woeful plight.
Major Support Levels – $2.90 and $2.850, the last bastions of hope.
Major Resistance Levels – $2.9650 and $3.00, the cruel reminders of what once was.
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2025-08-21 07:19