XRP Price Coiling for a Breakout—Will This Spark the Next Surge Higher?

[Ben Graham]

XRP price is consolidating gains below the $3.320 zone. The price is showing positive signs and might aim for a move above the $3.350 resistance.

• XRP price is struggling to settle above the $3.30 zone.
• The price is now trading above $3.220 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at $3.288 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could gain bullish momentum if it clears the $3.30 zone.

XRP Price Eyes Upside Break

XRP price formed a base above the $3.10 level and started a fresh increase, like Bitcoin and Ethereum. The price gained pace for a move above the $3.120 and $3.15 resistance levels.

The bulls pumped the price above the $3.250 resistance, but the bears were active near $3.30. A high was formed at $3.30 and the price dipped toward the 50% Fib retracement level of the upward move from the $3.10 swing low to the $3.30 high.

The price is now trading above $3.220 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $3.2880 level. There is also a bearish trend line forming with resistance at $3.288 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $3.30 level. A clear move above the $3.30 resistance might send the price toward the $3.350 resistance. Any more gains might send the price toward the $3.380 resistance or even $3.40 in the near term. The next major hurdle for the bulls might be near the $3.450 zone.

Another Decline?

If XRP fails to clear the $3.30 resistance zone, it could start a fresh decline. Initial support on the downside is near the $3.20 level. The next major support is near the $3.150 level or the 76.4% Fib retracement level of the upward move from the $3.10 swing low to the $3.30 high.

If there is a downside break and a close below the $3.150 level, the price might continue to decline toward the $3.080 support. The next major support sits near the $3.020 zone where the bulls might take a stand.

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 – $3.150 and $3.080.

Major Resistance Levels – $3.30 and $3.350.