XRP price started a fresh increase and traded above the $3.020 zone. The price is now consolidating gains and might continue to rise above the $3.10 support zone.
XRP price started a fresh increase above the $3.020 zone.
The price is now trading above $2.950 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $2.950 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start another increase if it stays above the $2.880 zone.
XRP Price Eyes More Upsides
XRP price started a fresh increase after it settled above the $2.840 level, like Bitcoin and Ethereum. The price was able to climb above the $2.950 resistance level.
The bulls remained in action and the price gained pace for a move above $3.00 barrier. Finally, the price tested the $3.10 zone. A high was formed at $3.10 and the price is now consolidating gains. There was a move below the $3.050 level.
The price dipped below the 23.6% Fib retracement level of the upward move from the $2.660 swing low to the $3.10 high. The price is now trading above $2.950 and the 100-hourly Simple Moving Average.
On the upside, the price might face resistance near the $3.020 level. The first major resistance is near the $3.050 level. A clear move above the $3.050 resistance might send the price toward the $3.10 resistance. Any more gains might send the price toward the $3.120 resistance or even $3.150 in the near term. The next major hurdle for the bulls might be near the $3.20 zone.
Downside Break?
If XRP fails to clear the $3.00 resistance zone, it could start another decline. Initial support on the downside is near the $2.950 level and the trend line zone. The trend line is close to the 50% Fib retracement level of the upward move from the $2.660 swing low to the $3.10 high. The next major support is near the $2.880 level.
If there is a downside break and a close below the $2.880 level, the price might continue to decline toward the $2.840 support. The next major support sits near the $2.750 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $2.950 and $2.840.
Major Resistance Levels – $3.00 and $3.10.
