XRP Price Eyes Fresh Gains: Traders Bullish After Momentum Spike

[Redator]

XRP price started a fresh increase and traded above the $3.00 zone. The price is now correcting gains and might find bids near the $2.840 support zone.

• XRP price started a fresh increase above the $2.880 zone.
• The price is now trading above $2.840 and the 100-hourly Simple Moving Average.
• There is a key bullish trend line forming with support at $2.880 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could start another increase if it stays above the $2.840 zone.

XRP Price Retains Gains

XRP price started a fresh increase after it settled above the $2.750 level, like Bitcoin and Ethereum. The price was able to climb above the $2.850 resistance level.

The recent move was positive and the bulls pushed the price above the $3.00 level. A high was formed at $3.0324 and the price is now correcting gains. There was a move below $2.90 level, and the price spiked below the 50% Fib retracement level of the upward move from the $2.660 swing low to the $3.0324 high.

However, the bulls were active near the $2.80 support zone. There is also a key bullish trend line forming with support at $2.880 on the hourly chart of the XRP/USD pair.

The price is now trading above $2.850 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.9450 level. The first major resistance is near the $3.00 level. A clear move above the $3.00 resistance might send the price toward the $3.080 resistance. Any more gains might send the price toward the $3.120 resistance or even $3.150 in the near term. The next major hurdle for the bulls might be near the $3.20 zone.

Downside Break?

If XRP fails to clear the $2.9450 resistance zone, it could start another decline. Initial support on the downside is near the $2.880 level and the trend line zone. The next major support is near the $2.840 level.

If there is a downside break and a close below the $2.840 level, the price might continue to decline toward the $2.750 support. The next major support sits near the $2.650 zone.

Technical Indicators

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

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

Major Support Levels – $2.880 and $2.840.

Major Resistance Levels – $2.950 and $3.00.