XRP price started a new increase above the $3,050 level. The price is holding its gains and may continue rising if it crosses the $3.20 resistance level.
- The price of XRP increased by more than 15% and rose towards the $3.40 region.
- The price is now trading below the $3,250 level and the 100 hourly simple moving average.
- There is a solid downtrend line forming with resistance at $3.20 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may start a new increase if it remains above the $2,880 support level.
XRP prices fall to support it
XRP price was able to start a new increase above the $2,750 and $2,880 resistance levels. The price outperformed both Bitcoin and Ethereum. There was a move above the $3,050 and $3.20 levels.
The price tested the $3.40 area and recently corrected some gains. The bottom was formed at $2.81 and the price is now recovering. There was a move above the $3,050 level. The price crossed the 50% Fibonacci retracement level of the downward move from the high of $3.23 to the low of $2.81.
The price is now trading below the $3.20 level and the 100 hourly simple moving average. There is also a solid downtrend line forming with resistance at $3.20 on the hourly chart of the XRP/USD pair.
On the upside, the price may face resistance near $3,130 level or 76.4% Fibonacci retracement level for the downward move from $3.23 high to $2.81 low. The first major resistance is located near the $3.20 level. The next resistance is $3,230.
A clear move above the $3,230 resistance level could send the price towards the $3,320 resistance level. Any further gains may push the price towards the $3.40 resistance level or even $3,420 in the near term. The next major hurdle for the bulls could be $3.50 which is a new all-time high.
Another correction to the downside?
If XRP fails to cross the $3.20 resistance area, it could start another decline. Initial support on the downside is near the $3.00 level. The next major support is near the $2.88 level.
If there is a downward breakout and close below the $2.88 level, the price may continue to fall towards the $2.750 support level. The next major support is near the $2,650 area.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Key support levels – $3.00 and $2.880.
Major resistance levels – $3.130 and $3.20.
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