The XRP price started a new increase above the $3,050 level. The price is locking in gains and could continue rising if the USD 3.20 resistance is cleared.
- The XRP price rose more than 15% and rose towards the $3.40 zone.
- The price is now trading below $3,250 and the 100-hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $3.20 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could start a new rise if it remains above the $2,880 support.
XRP Price Drops in Support
XRP price managed to start a fresh rise above the USD 2,750 and USD 2,880 resistance levels. The price outperformed both Bitcoin and Ethereum. There was a move above the USD 3,050 and USD 3.20 levels.
The price tested the $3.40 zone and corrected some gains recently. A low was formed at $2.81 and the price is now recovering. There was a move above the USD 3,050 level. The price has crossed the 50% Fib retracement level of the downward move from the $3.23 swing high to the $2.81 low.
The price is now trading below $3.20 and the 100-hourly Simple Moving Average. A connecting bearish trendline is also forming with resistance at $3.20 on the hourly chart of the XRP/USD pair.
On the upside, the price could face resistance near the $3,130 level or the 76.4% Fib retracement level of the downward move from the $3.23 swing high to the $2.81 low. The first major resistance is around the $3.20 level. The next resistance is $3,230.
A clear move above the USD 3,230 resistance could send the price towards the USD 3,320 resistance. Any further gains could send the price towards the near-term resistance at $3.40 or even $3.420. The next big hurdle for the bulls could be $3.50 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 $3.00 level. The next major support is near the $2.88 level.
If there is a downside break and a close below the $2.88 level, the price could continue falling towards the $2.750 support. The next major support is near the $2,650 zone.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major support levels – USD 3.00 and USD 2.880.
Major resistance levels – $3,130 and $3.20.