XRP price started a fresh increase and traded above the $3.40 zone. The price is now consolidating gains and might aim for a fresh increase above the $3.550 zone.
- XRP price started a fresh increase above the $3.420 zone.
- The price is now trading above $3.450 and the 100-hourly Simple Moving Average.
- There is a short-term bullish trend line forming with support at $3.480 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start another increase if it stays above the $3.350 zone.
XRP Price Eyes Fresh Increase
XRP price started a fresh increase after it settled above the $3.350 level, beating Bitcoin and Ethereum. The price was able to climb above the $3.50 resistance level.
The bulls remained in action and the price gained pace for a move above $3.550 barrier. Finally, the price tested the $3.650 zone. A high was formed at $3.660 and the price recently corrected some gains. A low was formed at $3.425 and the price is now consolidating. There was a move above the 50% Fib retracement level of the recent decline from the $3.650 swing high to the $3.425 low.
The price is now trading above $3.450 and the 100-hourly Simple Moving Average. There is also a short-term bullish trend line forming with support at $3.480 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $3.550 level or the 61.8% Fib retracement level of the recent decline from the $3.650 swing high to the $3.425 low. The first major resistance is near the $3.60 level. A clear move above the $3.60 resistance might send the price toward the $3.650 resistance.
Any more gains might send the price toward the $3.720 resistance or even $3.80 in the near term. The next major hurdle for the bulls might be near the $4.00 zone.
Another Drop?
If XRP fails to clear the $3.550 resistance zone, it could start another decline. Initial support on the downside is near the $3.480 level. The next major support is near the $3.420 level.
If there is a downside break and a close below the $3.420 level, the price might continue to decline toward the $3.350 support. The next major support sits near the $3.320 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $3.420 and $3.350.
Major Resistance Levels – $3.550 and $3.660.
