XRP Price Eyes More Gains—Can Bulls Break Major Resistance?

[Redator]

XRP price is moving higher above the $3.250 zone. The price is showing positive signs and might aim for a move above the $3.350 resistance.

• XRP price is attempting to clear the $3.350 zone.
• The price is now trading above $3.250 and the 100-hourly Simple Moving Average.
• There was a break above a bearish trend line 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 $3.350 zone.

XRP Price Could Gain Bullish Momentum

XRP price formed a base above the $3.150 level and started a fresh increase, like Bitcoin and Ethereum. The price gained pace for a move above the $3.20 and $3.25 resistance levels.

The bulls pumped the price above the $3.280 resistance. Moreover, there was a break above a bearish trend line with resistance at $3.288 on the hourly chart of the XRP/USD pair. A high was formed at $3.350 and the price is now consolidating above the 23.6% Fib retracement level of the upward move from the $3.10 swing low to the $3.350 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 $3.350 level.

The first major resistance is near the $3.3650 level. A clear move above the $3.3650 resistance might send the price toward the $3.40 resistance. Any more gains might send the price toward the $3.450 resistance or even $3.480 in the near term. The next major hurdle for the bulls might be near the $3.50 zone.

Another Pullback?

If XRP fails to clear the $3.350 resistance zone, it could start a fresh decline. Initial support on the downside is near the $3.290 level. The next major support is near the $3.200 level or the 61.8% Fib retracement level of the upward move from the $3.10 swing low to the $3.350 high.

If there is a downside break and a close below the $3.20 level, the price might continue to decline toward the $3.150 support. The next major support sits near the $3.080 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 – $3.20 and $3.150.

Major Resistance Levels – $3.350 and $3.450.