XRP Price Stays Strong – Can Bulls Fuel Another Surge?

[Ben Graham]

XRP price gained pace for a move above the $2.950 resistance. The price is now consolidating gains and might start another increase above $3.020.

• XRP price is facing hurdles and struggling to clear the $3.050 resistance.
• The price is now trading above $2.950 and the 100-hourly Simple Moving Average.
• There is a key contracting triangle forming with support at $2.980 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to rise if it stays above the $2.9150 zone.

XRP Price Eyes More Gains

XRP price managed to stay above the $2.850 level and started a fresh increase, beating Bitcoin and Ethereum. The price climbed above the $2.9150 and $2.950 resistance levels.

The bulls even pumped the price above the $3.00 level. A high was formed at $3.0365 and the price is now consolidating gains. There was a minor decline and the price tested the 50% Fib retracement level of the upward move from the $2.795 swing low to the $3.036 high.

The price is now trading above $2.950 and the 100-hourly Simple Moving Average. Besides, there is a key contracting triangle forming with support at $2.980 on the hourly chart of the XRP/USD pair.

If the bulls protect the $2.950 support, the price could attempt another increase. On the upside, the price might face resistance near the $3.020 level. The first major resistance is near the $3.050 level. A clear move above the $3.050 resistance might send the price toward the $3.120 resistance. Any more gains might send the price toward the $3.150 resistance. The next major hurdle for the bulls might be near $3.20.

More Downsides?

If XRP fails to clear the $3.050 resistance zone, it could continue to move down. Initial support on the downside is near the $2.980 level. The next major support is near the $2.9150 level.

If there is a downside break and a close below the $2.9150 level, the price might continue to decline toward $2.880. 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 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 – $2.980 and $2.9150.

Major Resistance Levels – $3.050 and $3.120.