XRP’s value experienced a recent uptick above the $3.050 mark, maintaining its gains and potentially continuing to rise if it surpasses the $3.20 resistance level.
- XRP saw an increase of more than 15% and surged toward the $3.40 range.
- Currently, the price is trading below $3.250 and the 100-hourly Simple Moving Average.
- An hourly chart of the XRP/USD pair from Kraken shows a bearish trend line forming with resistance at $3.20.
- If XRP manages to stay above the $2.880 support, it could initiate a fresh upward movement.
XRP Sees Support Levels Tested
XRP’s value notably rose above the $2.750 and $2.880 resistance marks, outperforming counterparts like Bitcoin and Ethereum. The price successfully surpassed $3.050 and $3.20.
After reaching the $3.40 range, a correction occurred, leading to a low of $2.81. The price is now recovering, having breached the 50% Fib retracement level from the recent downward swing.
Currently below $3.20 and the 100-hourly Simple Moving Average, a bearish trend line with resistance at $3.20 is evident on the XRP/USD pair’s hourly chart.
Resistance near $3.130 and $3.20 lies ahead as potential hurdles, with the $3.20 level serving as the primary resistance and $3.230 as the subsequent level.
A decisive move past the $3.230 resistance could propel XRP towards $3.320. Further gains may lead to $3.40 or even $3.420 in the near future, with $3.50 posing as a crucial barrier for bullish momentum.
Potential Downside Risk
If XRP struggles to breach the $3.20 resistance, a downward trend could emerge. Initial support rests at $3.00, followed by a significant level at $2.88.
A breach and close below $2.88 could prompt a decline towards the $2.750 support, with additional support around $2.650.
Technical Indicators
Hourly MACD – Showing bullish momentum for XRP/USD.
Hourly RSI (Relative Strength Index) – RSI for XRP/USD currently below the 50 level.
Key Support Levels – $3.00 and $2.880.
Key Resistance Levels – $3.130 and $3.20.
