XRP Price Holds Strong: Uptrend Shows No Signs of Slowing
XRP price started a new rise above $3.050. The price maintains its upward momentum and may continue to rise if it breaks the $3.20 resistance.
- XRP price increased by more than 15% and reached the $3.40 area.
- The price is currently trading below $3.250 and the 100 hourly simple moving average.
- There is a bearish trend line forming with resistance at $3.20 on the hourly chart of the XRP/USD pair (data source: Kraken).
- If the pair holds above the $2.880 support, a fresh leg higher may begin.
XRP price drops to support level
XRP price started a fresh rise above the $2.750 and $2.880 resistance levels. Price is better than both Bitcoin and Ethereum. The price rose above $3.050 and $3.20.
The price tested the $3.40 area and corrected some gains recently. The lowest price was $2.81 and the price is currently recovering. The price rose above $3.050. Price cleared the 50% Fib retracement level of the downward move from the $3.23 swing high to $2.81 low.
The price is currently below $3.20 and the 100 hourly simple moving average. There is also a bearish trend line forming with resistance at $3.20 on the hourly chart of the XRP/USD pair.
On the upside, the price may face resistance near $3.130 or the 76.4% Fib retracement level of the decline from the $3.23 swing high to $2.81 low. The first major resistance level is near $3.20. The next resistance level is $3.230.
A clear break above the $3.230 resistance may push the price towards the $3.320 resistance. If there is further upside, the price may move towards the $3.40 resistance or even $3.420 in the short term. The next major obstacle for the bulls could be $3.50 and a new all-time high.
Another downside correction?
If XRP fails to break above the $3.20 resistance zone, it may start another decline. Initial support on the downside is near $3.00. The next major support is near $2.88.
If there is a downside breakout and a close below the $2.88 level, the price may continue its decline towards the $2.750 support. The next major support is near the $2.650 area.
Technical indicators
Hourly MACD – The MACD for XRP/USD is currently accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level.
Major support levels – $3.00 and $2.880.
Major resistance levels – $3.130 and $3.20.
