XRP worth began a consolidation part from the $3.20 resistance zone. The worth is now consolidating positive factors and may goal for extra positive factors above the $3.20 zone.
- XRP worth began a draw back correction from the $3.220 zone.
- The worth is now buying and selling above $3.050 and the 100-hourly Simple Moving Average.
- There was a break above a bullish flag sample forming with resistance at $3.10 on the hourly chart of the XRP/USD pair (knowledge supply from Kraken).
- The pair may begin a recent improve if it clears the $3.20 resistance zone.
XRP Price Eyes Fresh Gains
XRP worth began a recent improve above the $2.950 zone, outperforming Bitcoin and Ethereum. The worth rallied above the $2.95 and $3.00 resistance ranges.
A excessive was shaped at $3.214 and the worth just lately corrected some positive factors. There was a transfer under the $3.10 degree. The worth dipped towards the 50% Fib retracement degree of the upward wave from the $2.6560 swing low to the $3.214 excessive.
However, the bulls have been lively close to $3.00 and pushed the worth larger. There was a break above a bullish flag sample forming with resistance at $3.10 on the hourly chart of the XRP/USD pair.
The worth is now buying and selling above $3.050 and the 100-hourly Simple Moving Average. On the upside, the worth may face resistance close to the $3.150 degree. The first main resistance is close to the $3.20 degree. The subsequent resistance is $3.220.
A transparent transfer above the $3.220 resistance may ship the worth towards the $3.320 resistance. Any extra positive factors may ship the worth towards the $3.380 resistance and even $3.420 within the close to time period. The subsequent main hurdle for the bulls may be $3.50.
Another Decline?
If XRP fails to clear the $3.150 resistance zone, it may begin one other decline. Initial help on the draw back is close to the $3.00 degree. The subsequent main help is close to the $2.950 degree.
If there’s a draw back break and a detailed under the $2.950 degree, the worth may proceed to say no towards the $2.860 help or the 61.8% Fib retracement degree of the upward wave from the $2.6560 swing low to the $3.214 excessive. The subsequent main help sits close to the $2.750 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now shedding tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now under the 50 degree.
Major Support Levels – $3.00 and $2.950.
Major Resistance Levels – $3.150 and $3.20.
