XRP Price Targets a New All-Time High: Can Bulls Deliver?
XRP price started a fresh increase above the $3.00 level. The price is up over 15% and might continue to rise if it clears the $3.40 resistance.
- XRP price gained over 15% and rallied above the $3.00 zone.
- The price is now trading above $3.050 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $3.150 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start a fresh increase if it stays above the $3.00 support.
XRP Price Settles Above $3.00
XRP price managed to start a fresh increase above the $2.650 and $2.80 resistance levels. The price gained over 15% and outperformed both Bitcoin and Ethereum . There was a move above the $3.00 and $3.050 levels.
The bulls even pumped the price above the $3.20 resistance to start another increase. It traded as high as $3.399 and is currently consolidating gains above the 23.6% Fib retracement level of the upward move from the $2.332 swing low to the $3.40 high.
The price is now trading above $3.20 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $3.150 on the hourly chart of the XRP/USD pair.
Source: XRPUSD on TradingView.comOn the upside, the price might face resistance near the $3.350 level. The first major resistance is near the $3.40 level. The next resistance is $3.420. A clear move above the $3.420 resistance might send the price toward the $3.50 resistance. Any more gains might send the price toward the $3.650 resistance or even $3.80 in the near term. The next major hurdle for the bulls might be $4.00 and a new all-time high.
Downside Correction?
If XRP fails to clear the $3.40 resistance zone, it could start another decline. Initial support on the downside is near the $3.250 level. The next major support is near the $3.20 level and the trend line.
If there is a downside break and a close below the $3.20 level, the price might continue to decline toward the $2.8850 support and the 50% Fib retracement level of the upward move from the $2.332 swing low to the $3.40 high. The next major support sits near the $2.750 zone.
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 – $3.20 and $3.050.
Major Resistance Levels – $3.40 and $3.50.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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