XRP News Today: XRP Corrects 10% After Surpassing $3.00 Mark

XRP, the cryptocurrency associated with Ripple, has experienced a notable correction following a strong rally that saw it surpass the $3.00 mark. The token's price started a fresh increase above the $2.850 zone, climbing above the $2.80 level and the 100-hourly Simple Moving Average. This rally brought XRP close to the significant resistance level of $3.00, a milestone that has been elusive for some time. The token's price has been consolidating in a bullish pattern just below the $3.00 mark, indicating a potential for further gains.

The recent surge in XRP's price can be attributed to several factors, including institutional demand and heavy trading activity. The token's price almost reached the long-awaited $3 level, but this surge came at a cost: the relative strength index (RSI) indicated that the token was becoming overbought. This overbought condition is a common precursor to a price correction, which is exactly what has occurred.

As XRP's price corrects, support levels are now in focus. The token's price has been consolidating just below the $3.00 mark, and a break below this level could see it retest lower support levels. The next significant support level is around $2.75, which XRP recently surged past. If the token's price falls below this level, it could potentially retest even lower support levels. There is a key bullish trend line forming with support at $2.820 on the hourly chart of the XRP/USD pair. The pair could start another increase if it stays above the $2.750 zone.

On the upside, the price might face resistance near the $2.920 level. The first major resistance is near the $2.950 level. A clear move above the $2.950 resistance might send the price toward the $3.020 resistance. Any more gains might send the price toward the $3.080 resistance or even $3.120 in the near term. The next major hurdle for the bulls might be near the $3.20 zone.

If XRP fails to clear the $2.950 resistance zone, it could start another decline. Initial support on the downside is near the $2.820 level and the trend line zone. The next major support is near the $2.80 level and the 76.4% Fib retracement level of the upward move from the $2.660 swing low to the $3.0324 high. If there is a downside break and a close below the $2.80 level, the price might continue to decline toward the $2.750 support. The next major support sits near the $2.650 zone.

Technical indicators suggest that the MACD for XRP/USD is now losing pace in the bullish zone, while the RSI for XRP/USD is now below the 50 level. Major support levels are at $2.820 and $2.750, while major resistance levels are at $2.950 and $3.020. The recent rally in XRP's price has been driven by a combination of technical factors and market sentiment. The token's price has been boosted by a technical breakout, which has been accompanied by heavy trading activity. This trading activity has been particularly pronounced on exchanges, where XRP has seen significant demand.

The recent rally in XRP's price has also been driven by market sentiment. Retail traders have been hopeful that XRP's price may finally cross its previous all-time high of $3.40, which it hit in January. This optimism has been reflected in the token's price, which has been consolidating just below the $3.00 mark. However, the recent correction in XRP's price serves as a reminder that the cryptocurrency market is highly volatile. While the token's recent rally has been impressive, it is important to remember that price corrections are a normal part of the market cycle. As XRP's price corrects, support levels are now in focus, and the token's price could potentially retest lower support levels in the coming days.