XRP Price Action Signals Strength, More Upside Potential Ahead

[Redator]

XRP price is showing positive signs above the $2.950 zone. The price is consolidating and might aim for a fresh move above $3.120.

• XRP price is consolidating above $2.920 and $2.950 levels.
• The price is now trading above $2.950 and the 100-hourly Simple Moving Average.
• There is a rising channel forming with resistance at $3.120 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move up if it stays above the $2.950 zone.

XRP Price Eyes Fresh Increase

XRP price remained in a positive zone after it settled above the $2.850 zone, unlike Bitcoin and like Ethereum. The price was able to climb above the $2.920 and $3.00 resistance levels.

However, the bears were active near $3.120. A high was formed at $3.1260 and the price is now consolidating gains below the 23.6% Fib retracement level of the recent upward move from the $2.781 swing low to the $3.126 high.

The price is now trading above $2.920 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $3.065 level. The first major resistance is near the $3.120 level. There is also a rising channel forming with resistance at $3.120 on the hourly chart of the XRP/USD pair.

A clear move above the $3.120 resistance might send the price toward the $3.150 resistance. Any more gains might send the price toward the $3.20 resistance. The next major hurdle for the bulls might be near $3.250.

Another Decline?

If XRP fails to clear the $3.120 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.990 level. The next major support is near the $2.950 level.

If there is a downside break and a close below the $2.950 level, the price might continue to decline toward the $2.920 support and the 61.8% Fib retracement level of the recent upward move from the $2.781 swing low to the $3.126 high. The next major support sits near the $2.8620 zone, below which the price could gain bearish momentum.

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 – $2.990 and $2.920.

Major Resistance Levels – $3.120 and $3.150.