XRP worth began a recent improve above the $3.050 stage. The worth is holding positive factors and would possibly proceed to rise if it clears the $3.20 resistance.
- XRP worth gained over 15% and rallied towards the $3.40 zone.
- The worth is now buying and selling under $3.250 and the 100-hourly Simple Moving Average.
- There is a connecting bearish development line forming with resistance at $3.20 on the hourly chart of the XRP/USD pair (information supply from Kraken).
- The pair would possibly begin a recent improve if it stays above the $2.880 assist.
XRP Price Dips To Support
XRP worth managed to begin a recent improve above the $2.750 and $2.880 resistance ranges. The worth outperformed each Bitcoin and Ethereum. There was a transfer above the $3.050 and $3.20 ranges.
The worth examined the $3.40 zone and lately corrected some positive factors. A low was shaped at $2.81 and the worth is now recovering. There was a transfer above the $3.050 stage. The worth cleared the 50% Fib retracement stage of the downward transfer from the $3.23 swing excessive to the $2.81 low.
The worth is now buying and selling under $3.20 and the 100-hourly Simple Moving Average. There can be a connecting bearish development line forming with resistance at $3.20 on the hourly chart of the XRP/USD pair.
On the upside, the worth would possibly face resistance close to the $3.130 stage or the 76.4% Fib retracement stage of the downward transfer from the $3.23 swing excessive to the $2.81 low. The first main resistance is close to the $3.20 stage. The subsequent resistance is $3.230.
A transparent transfer above the $3.230 resistance would possibly ship the worth towards the $3.320 resistance. Any extra positive factors would possibly ship the worth towards the $3.40 resistance and even $3.420 within the close to time period. The subsequent main hurdle for the bulls may be $3.50 and a brand 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 $3.00 stage. The subsequent main assist is close to the $2.88 stage.
If there’s a draw back break and a detailed under the $2.88 stage, the worth would possibly proceed to say no towards the $2.750 assist. The subsequent main assist sits close to the $2.650 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now under the 50 stage.
Major Support Levels – $3.00 and $2.880.
Major Resistance Levels – $3.130 and $3.20.
