XRP Price Blasts Higher by 10%, Bulls Eye Even Bigger Gains

[Redator]

XRP price is gaining pace above the $3.10 zone. The price is up over 10% and might extend gains above the $3.40 level in the near term.

• XRP price is showing bullish signs above the $3.20 zone.
• The price is now trading above $3.220 and the 100-hourly Simple Moving Average.
• There was a break above a bearish trend line with resistance at $3.00 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could start another increase if it stays above the $3.220 zone.

XRP Price Rallies Over 10%

XRP price formed a base above the $2.85 level and started a fresh increase, beating Bitcoin and Ethereum. The price gained pace for a move above the $3.10 and $3.15 resistance levels.

The bulls pumped the price above the $3.20 level. Besides, there was a break above a bearish trend line with resistance at $3.00 on the hourly chart of the XRP/USD pair. It is up over 10% and trading above $3.30. A high is formed at $3.38 and the price is now signaling more gains since it is stable above the 23.6% Fib retracement level of the upward move from the $2.90 swing low to the $3.380 high.

The price is now trading above $3.30 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $3.40 level. The first major resistance is near the $3.420 level.

A clear move above the $3.420 resistance might send the price toward the $3.50 resistance. Any more gains might send the price toward the $3.550 resistance or even $3.620 in the near term. The next major hurdle for the bulls might be near the $3.750 zone.

Are Dips Limited?

If XRP fails to clear the $3.40 resistance zone, it could start a downside correction. Initial support on the downside is near the $3.250 level. The next major support is near the $3.150 level or the 50% Fib retracement level of the upward move from the $2.90 swing low to the $3.380 high.

If there is a downside break and a close below the $3.150 level, the price might continue to decline toward the $3.10 support. The next major support sits near the $3.00 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 – $3.30 and $3.250.

Major Resistance Levels – $3.40 and $3.420.