XRP Price Action Heats Up – Bulls Eye $3.00 Breakout

[Redator]

XRP price is up over 5% and has tested the $3.00 resistance. The price is now consolidating gains and might correct lower if stays below $3.00.

• XRP price is facing hurdles and struggling to clear the $3.00 resistance.
• The price is now trading above $2.90 and the 100-hourly Simple Moving Average.
• There is a bullish trend line forming with support at $2.930 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to rise if it stays above the $2.860 zone.

XRP Price Gains Traction

XRP price managed to stay above the $2.850 level and started a fresh increase, beating Bitcoin and Ethereum. The price climbed above the $2.880 and $2.90 resistance levels.

The bulls even pumped the price above the $2.950 level. A high was formed at $2.994 and the price is now consolidating gains. It is testing the 23.6% Fib retracement level of the upward move from the $2.794 swing low to the $2.994 high.

The price is now trading above $2.920 and the 100-hourly Simple Moving Average. Besides, there is a bullish trend line forming with support at $2.930 on the hourly chart of the XRP/USD pair.

If the bulls protect the $2.930 support, the price could attempt another increase. On the upside, the price might face resistance near the $2.980 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 $3.050 resistance. Any more gains might send the price toward the $3.120 resistance. The next major hurdle for the bulls might be near $3.150.

Another Decline?

If XRP fails to clear the $2.980 resistance zone, it could continue to move down. Initial support on the downside is near the $2.930 level and trend line. The next major support is near the $2.8920 level or the 50% Fib retracement level of the upward move from the $2.794 swing low to the $2.994 high.

If there is a downside break and a close below the $2.8920 level, the price might continue to decline toward $2.860. The next major support sits near the $2.850 zone, below which the price could gain bearish momentum.

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 – $2.930 and $2.860.

Major Resistance Levels – $2.980 and $3.00.