XRP Bulls Poised – $3.12 Break Might Start Strong Upswing

[Redator]

XRP price started a fresh increase above the $3.020 resistance. The price is now showing positive signs and might gain pace if it clears the $3.120 zone.

• XRP price is moving higher from the $2.980 support zone.
• The price is now trading above $3.020 and the 100-hourly Simple Moving Average.
• There was a break above a rising channel with resistance at $3.070 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could start a fresh increase if the price clears the $3.120 zone.

XRP Price Attempts Fresh Increase

XRP price extended losses below $3.00 before the bulls appeared, like Bitcoin and Ethereum. The price tested the $2.980 zone and recently started a recovery wave.

There was a move above the $3.00 and $3.020 levels. The price climbed above the 50% Fib retracement level of the downward move from the $3.185 swing high to the $2.957 low. Besides, there was a break above a rising channel with resistance at $3.070 on the hourly chart of the XRP/USD pair.

The price is now trading above $3.080 and the 100-hourly Simple Moving Average. If the bulls protect the $3.050 support, the price could attempt another increase. On the upside, the price might face resistance near the $3.10 level or the 61.8% Fib retracement level of the downward move from the $3.185 swing high to the $2.957 low.

The first major resistance is near the $3.120 level. A clear move above the $3.120 resistance might send the price toward the $3.20 resistance. Any more gains might send the price toward the $3.2320 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 continue to move down. Initial support on the downside is near the $3.070 level. The next major support is near the $3.040 level.

If there is a downside break and a close below the $3.040 level, the price might continue to decline toward $3.00. The next major support sits near the $2.980 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 – $3.040 and $3.00.

Major Resistance Levels – $3.120 and $3.20.