XRP price started a fresh increase above the $3.150 level. The price is holding gains and might start another increase if it clears the $3.2250 resistance.
- XRP price started a fresh increase from the $3.00 support zone.
- The price is now trading above $3.120 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $3.10 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start a fresh increase if it stays above the $3.10 support.
XRP Price Aims Higher
XRP price managed to start a fresh increase from the $3.00 support zone, but upsides were limited compared to Bitcoin. The price was able to surpass the $3.050 and $3.120 resistance levels.
There was a clear move above the 50% Fib retracement level of the downward move from the $3.3625 swing high to the $3.00 low. Besides, there is a connecting bullish trend line forming with support at $3.10 on the hourly chart of the XRP/USD pair.
The price is now trading above $3.120 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $3.2250 level or the 61.8% Fib retracement level of the downward move from the $3.3625 swing high to the $3.00 low.
The first major resistance is near the $3.28 level. The next resistance is $3.350. A clear move above the $3.350 resistance might send the price toward the $3.450 resistance. Any more gains might send the price toward the $3.50 resistance or even $3.550 in the near term. The next major hurdle for the bulls might be $3.650 and a new all-time high.
Another Decline?
If XRP fails to clear the $3.2250 resistance zone, it could start another decline. Initial support on the downside is near the $3.10 level and the trend line. The next major support is near the $3.00 level.
If there is a downside break and a close below the $3.00 level, the price might continue to decline toward the $2.880 support. The next major support sits near the $2.750 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 above the 50 level.
Major Support Levels – $3.10 and $3.00.
Major Resistance Levels – $3.2250 and $3.350.
