XRP Price Poised for Fresh Upward Move Amid Renewed Bullish Pressure

[Ben Graham]

XRP price started a fresh increase from the $2.950 zone. The price is now trading above $3.20 and might aim for more gains in the near term.

• XRP price started a fresh increase above the $3.20zone.
• The price is now trading above $3.220 and the 100-hourly Simple Moving Average.
• There was a break above a key bearish trend line with resistance at $3.240 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could start another increase if it stays above the $3.150 zone.

XRP Price Eyes Fresh Rally

XRP price started a fresh decline below the $3.250 support zone, underperforming Bitcoin and Ethereum. The price declined below the $3.20 and $3.050 support levels.

The decline was such that the price traded below the $3.00 level. A low was formed at $2.959 and the price is now correcting losses. There was a move above the 23.6% Fib retracement level of the recent decline from the $3.650 swing high to the $2.959 low.

Besides, there was a break above a key bearish trend line with resistance at $3.240 on the hourly chart of the XRP/USD pair. The price is now trading above $3.250 and the 100-hourly Simple Moving Average.

On the upside, the price might face resistance near the $3.30 level and the 50% Fib retracement level of the recent decline from the $3.650 swing high to the $2.959 low. The first major resistance is near the $3.3850 level. A clear move above the $3.3850 resistance might send the price toward the $3.450 resistance.

Any more gains might send the price toward the $3.50 resistance or even $3.5120 in the near term. The next major hurdle for the bulls might be near the $3.650 zone.

Another Drop?

If XRP fails to clear the $3.30 resistance zone, it could start another decline. Initial support on the downside is near the $3.20 level. The next major support is near the $3.150 level.

If there is a downside break and a close below the $3.150 level, the price might continue to decline toward the $3.050 support. The next major support sits near the $3.00 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $3.20 and $3.150.

Major Resistance Levels – $3.30 and $3.3850.