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XRP price started a strong increase above the $2.950 zone. The price is now consolidating gains and might aim for more gains above the $3.15 zone.
- XRP price started a downside correction from the $3.220 zone.
- The price is now trading above $3.020 and the 100-hourly Simple Moving Average.
- There is a bullish flag pattern forming with resistance 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 clears the $3.150 resistance zone.
XRP Price Remains Supported For More Gains
XRP price started a fresh increase above the $2.850 zone, outperforming Bitcoin and Ethereum. The price rallied above the $2.95 and $3.00 resistance levels. It even surged above $3.150.
A high was formed at $3.214 and the price recently corrected some gains. There was a move below the $3.12 level. The price dipped below the 23.6% Fib retracement level of the upward wave from the $2.6562 swing low to the $3.214 high.
The price is now trading above $3.020 and the 100-hourly Simple Moving Average. There is also a bullish flag pattern forming with resistance at $3.10 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $3.10 level. The first major resistance is near the $3.150 level. The next resistance is $3.20. A clear move above the $3.20 resistance might send the price toward the $3.250 resistance. Any more gains might send the price toward the $3.350 resistance or even $3.420 in the near term. The next major hurdle for the bulls might be $3.50.
Another Decline?
If XRP fails to clear the $3.10 resistance zone, it could start another decline. Initial support on the downside is near the $3.020 level. The next major support is near the $2.950 level or the 50% Fib retracement level of the upward wave from the $2.6562 swing low to the $3.214 high.
If there is a downside break and a close below the $2.950 level, the price might continue to decline toward the $2.850 support. The next major support sits near the $2.70 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $3.00 and $2.950.
Major Resistance Levels – $3.10 and $3.150.
