XRP price started a fresh increase above the $3.250 level. The price is holding gains and might start another increase if it clears the $3.180 resistance.
- XRP price traded toward the $3.35 level before it corrected some gains.
- The price is now trading below $3.20 and the 100-hourly Simple Moving Average.
- There is a key rising channel forming with support at $3.0650 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 $3.00 support.
XRP Price Holds Support
XRP price managed to start a fresh increase above the $3.050 and $3.150 resistance levels. The price even cleared the $3.20 resistance level, but underperformed Bitcoin. A high was formed at $3.3625 before there was a downside correction.
There was a drop below the $3.15 level. A low was formed at $3.00 and the price is now recovering. There was a move above the $3.050 level. The price cleared 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. There is also key rising channel forming with support at $3.0650 on the hourly chart of the XRP/USD pair.
On the upside, the price might 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 near the $3.225 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 Downside Correction?
If XRP fails to clear the $3.20 resistance zone, it could start another decline. Initial support on the downside 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 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 below the 50 level.
Major Support Levels – $3.0650 and $3.00.
Major Resistance Levels – $3.180 and $3.220.
Read the full article here