The XRP price started a new increase above the $3,250 level. The price is holding gains and could rise again if the USD 3,180 resistance is cleared.
- The XRP price traded towards the $3.35 level before correcting some gains.
- The price is now trading below $3.20 and the 100-hourly Simple Moving Average.
- A major ascending channel is forming with support at $3.0650 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could start a new rise if it remains above the $3.00 support.
XRP price holds support
XRP price managed to start a new increase above the USD 3,050 and USD 3,150 resistance levels. The price even breached the USD 3.20 resistance level but underperformed against Bitcoin. It reached a high of $3.3625 before a downward correction.
There was a decline below the $3.15 level. A low was formed at $3.00 and the price is now recovering. There was a move above the USD 3,050 level. The price has crossed the 23.6% Fib retracement level of the downward move from the $3.3625 swing high to the $3.00 low.
The price is now trading below $3.20 and the 100-hourly Simple Moving Average. A major ascending channel is also forming with support at $3.0650 on the hourly chart of the XRP/USD pair.
On the upside, the price could face resistance near the $3.180 level or the 50% Fib retracement level of the downward move from the $3.3625 swing high to the $3.00 low. The first major resistance is around the $3,225 level. The next resistance is $3,350.
A clear move above the USD 3,350 resistance could send the price towards the USD 3,450 resistance. Any further gains could send the price towards the near-term resistance at USD 3.50 or even USD 3.550. The next big hurdle for the bulls could be $3,650 and a new all-time high.
Another negative correction?
If XRP fails to break the USD 3.20 resistance zone, it could trigger another decline. The initial downside support is near the $3.0650 level. 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 could continue falling towards the $2.880 support. The next major support is 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 below the 50 level.
Major support levels – USD 3.0650 and USD 3.00.
Major resistance levels – $3,180 and $3,220.