XRP worth began a recent enhance above the $3.250 degree. The worth is holding positive aspects and would possibly begin one other enhance if it clears the $3.180 resistance.
- XRP worth traded towards the $3.35 degree earlier than it corrected some positive aspects.
- The worth is now buying and selling under $3.20 and the 100-hourly Simple Moving Average.
- There is a key rising channel forming with assist at $3.0650 on the hourly chart of the XRP/USD pair (information supply from Kraken).
- The pair would possibly begin a recent enhance if it stays above the $3.00 assist.
XRP Price Holds Support
XRP worth managed to start out a recent enhance above the $3.050 and $3.150 resistance ranges. The worth even cleared the $3.20 resistance degree, however underperformed Bitcoin. A excessive was fashioned at $3.3625 earlier than there was a draw back correction.
There was a drop under the $3.15 degree. A low was fashioned at $3.00 and the worth is now recovering. There was a transfer above the $3.050 degree. The worth cleared the 23.6% Fib retracement degree of the downward transfer from the $3.3625 swing excessive to the $3.00 low.
The worth is now buying and selling under $3.20 and the 100-hourly Simple Moving Average. There can be key rising channel forming with assist at $3.0650 on the hourly chart of the XRP/USD pair.
On the upside, the worth would possibly face resistance close to the $3.180 degree or the 50% Fib retracement degree of the downward transfer from the $3.3625 swing excessive to the $3.00 low. The first main resistance is close to the $3.225 degree. The subsequent resistance is $3.350.
A transparent transfer above the $3.350 resistance would possibly ship the worth towards the $3.450 resistance. Any extra positive aspects would possibly ship the worth towards the $3.50 resistance and even $3.550 in the close to time period. The subsequent main hurdle for the bulls may be $3.650 and a new all-time excessive.
Another Downside Correction?
If XRP fails to clear the $3.20 resistance zone, it may begin one other decline. Initial assist on the draw back is close to the $3.0650 degree. The subsequent main assist is close to the $3.00 degree.
If there may be a draw back break and a shut under the $3.00 degree, the worth would possibly proceed to say no towards the $2.880 assist. The subsequent main assist sits close to the $2.750 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now shedding tempo in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now under the 50 degree.
Major Support Levels – $3.0650 and $3.00.
Major Resistance Levels – $3.180 and $3.220.
