XRP’s price surged above the $2.850 mark, kicking off a strong increase. Currently, the price is experiencing a corrective phase while displaying positive indicators above $3.00.
- XRP’s price began a downturn correction from the $3.220 threshold.
- The price is currently trading above $3.00 and the 100-hourly Simple Moving Average.
- On the hourly chart of the XRP/USD pair, there was a breach below a connecting bullish trend line with support at $3.150 (data sourced from Kraken).
- If the pair succeeds in surpassing the $3.150 resistance area, a fresh uptrend might be initiated.
XRP Price Gains Momentum
XRP’s price commenced an upward trajectory from the $2.650 level, surpassing both Bitcoin and Ethereum. Surging past the resistance levels at $2.85, $3.00, and even $3.050, the price reached a high of $3.214.
Following this peak, a correction saw the price dip below $3.15. The decline breached the 23.6% Fib retracement level from the swing low of $2.6562 to the high of $3.214.
The hourly chart of the XRP/USD pair indicated a break below a bullish trend line at $3.150, but the price currently remains above $3.00 and the 100-hourly Simple Moving Average.
Looking ahead, potential resistance levels include $3.085, $3.150, followed by $3.20. A break above $3.20 could propel the price towards $3.220 and potentially beyond to $3.250 or even $3.350 in the short term, with $3.450 as a major hurdle for buyers.
Possible Downturn Ahead?
If XRP fails to surpass the $3.0850 resistance zone, a downtrend might ensue. Initial support lies near $3.00, with further support near $2.9350 or the 50% Fib retracement level from the recent swing low to high.
In the event of a downward breakout and a close below $2.9350, the price could continue its decline towards the $2.880 level, followed by strong support at $2.750.
Technical Indicators
Hourly MACD – The MACD for XRP/USD shows a slowdown in bullish momentum.
Hourly RSI (Relative Strength Index) – XRP/USD’s RSI is now below the 50 level.
Key Support Levels – $3.00 and $2.9350.
Key Resistance Levels – $3.0850 and $3.150.
