XRP Price Resilience Shines: Is a Parabolic Move on the Horizon?
XRP price started a fresh rise above $3.250. The price maintains its upward momentum and may rise again if it breaks the $3.180 resistance.
- XRP price traded as low as $3.35 levels before correcting some gains.
- The price is currently below $3.20 and the 100 hourly simple moving average.
- A key ascending channel is forming with support at $3.0650 on the hourly chart of the XRP/USD pair (Data source: Kraken).
- If the pair holds above the $3.00 support, a fresh leg higher may begin.
XRP price holds support
XRP price successfully started a new uptrend, breaking above the $3.050 and $3.150 resistance levels. The price even broke the $3.20 resistance but underperformed Bitcoin. A high of $3.3625 was formed before a downside correction occurred.
It fell below the $3.15 level. A low was formed at $3.00 and the price is currently recovering. The price rose above $3.050. The price cleared the 23.6% Fib retracement level of the downward move from the $3.3625 swing high to $3.00 low.
Currently priced below $3.20, 100 hour simple moving average. There is also a key ascending channel forming with support at $3.0650 on the hourly chart of the XRP/USD pair.
On the upside, the price is likely to face resistance near the $3.180 level or the 50% Fib retracement level of the decline from the $3.3625 swing high to $3.00 low. The first major resistance level is seen near $3.225. The next resistance level is $3.350.
A clear break above the $3.350 resistance may push the price towards the $3.450 resistance. If there is further upside, the price may move towards the $3.50 resistance or even $3.550 in the short term. The next major obstacle for the bulls is likely to be $3.650 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 located near $3.0650. The next major support is near $3.00.
If there is a downside breakout and a close below $3.00, the price may continue to fall towards the $2.880 support. The next major support is near the $2.750 area.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level.
Major support levels – $3.0650 and $3.00.
The main resistance levels – $3.180 and $3.220.
