XRP price initiated a robust uptrend above the $2.950 region, consolidating gains and potentially targeting additional growth beyond the $3.15 threshold.
- Price correction commenced from the $3.220 mark.
- Currently, the price is trading above $3.020 along with the 100-hourly Simple Moving Average.
- An optimistic flag pattern is taking shape with resistance at $3.10 on the hourly chart of XRP/USD pair (data sourced from Kraken).
- If the pair successfully breaches the $3.150 resistance, a new upward movement could be on the horizon.
XRP price recently surged above the $2.850 level, outshining both Bitcoin and Ethereum. The rally surpassed the $2.95 and $3.00 resistances, eventually exceeding $3.150.
Following a peak at $3.214, the price retraced slightly, dipping beneath $3.12. It also dropped below the 23.6% Fib retracement level from the swing low of $2.6562 to the high of $3.214.
Additionally, the price is currently above $3.020 and the 100-hourly Simple Moving Average, with a bullish flag formation evident on the hourly XRP/USD chart with resistance at $3.10.
Resistance may be encountered near the $3.10 level, with the primary hurdle at $3.150. Subsequent resistances include $3.20, $3.250, $3.350, and potentially $3.420 in the short term. Bulls might face a significant obstacle at $3.50.
Potential Downtrend?
If XRP fails to surpass the $3.10 resistance, a downward trend might ensue. Initial support lies around $3.020, followed by major support near $2.950 or the 50% Fib retracement level.
A downside breach below $2.950 could lead to further decline towards the $2.850 level, with substantial support around $2.70.
Technical Insights
Hourly MACD – The MACD for XRP/USD indicates gaining bullish momentum.
Hourly RSI (Relative Strength Index) – RSI for XRP/USD surpassed the 50 level.
Key Support Levels – $3.00 and $2.950.
Key Resistance Levels – $3.10 and $3.150.
