XRP Price Pauses After Rally – Can Bulls Hold Ground For Another Push?

[Ben Graham]

XRP price extended gains above $3.00 and $3.050 before correcting gains. The price is now consolidating gains and facing hurdles near the $3.050 level.

• XRP price is slowly moving higher above the $2.920 support zone.
• The price is now trading below $3.00 and the 100-hourly Simple Moving Average.
• There is a key declining channel forming with resistance at $3.050 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move up if it settles above $3.050.

XRP Price Faces Resistance

XRP price started a recovery wave after it found support above $2.80 and $2.820, like Bitcoin and Ethereum. The price was able to surpass the $2.920 and $2.950 resistance levels.

The price even climbed above $3.00 before the bears appeared. A high was formed at $3.098 and the price corrected some gains to test $2.950. It is now consolidating near the 23.6% Fib retracement level of the recent decline from the $3.070 swing high to the $2.950 low.

The price is now trading below $3.050 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $3.00 level or the 50% Fib retracement level of the recent decline from the $3.070 swing high to the $2.950 low.

The first major resistance is near the $3.050 level. There is also a key declining channel forming with resistance at $3.050 on the hourly chart of the XRP/USD pair. A clear move above the $3.050 resistance might send the price toward the $3.080 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 $3.00 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.950 level. The next major support is near the $2.920 level.

If there is a downside break and a close below the $2.920 level, the price might continue to decline toward $2.850. The next major support sits near the $2.80 zone, below which the price could continue lower toward $2.720.

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 below the 50 level.

Major Support Levels – $2.950 and $2.920.

Major Resistance Levels – $3.00 and $3.050.