XRP price gained pace for a move above the $3.00 resistance. The price is now consolidating gains and might start another increase above $3.080.
The bulls even pumped the price above the $3.020 level. A high was formed at $3.0725 and the price is now consolidating gains. There was a minor decline and the price tested the 23.6% Fib retracement level of the upward move from the $2.9365 swing low to the $3.0725 high.
The price is now trading above $3.00 and the 100-hourly Simple Moving Average. Besides, there is a key bullish trend line forming with support at $3.020 on the hourly chart of the XRP/USD pair.
If the bulls protect the $3.00 support, the price could attempt another increase. On the upside, the price might face resistance near the $3.050 level. The first major resistance is near the $3.080 level. A clear move above the $3.080 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.
If XRP fails to clear the $3.080 resistance zone, it could continue to move down. Initial support on the downside is near the $3.00 level. The next major support is near the $2.9880 level and the 50% Fib retracement level of the upward move from the $2.9365 swing low to the $3.0725 high.
If there is a downside break and a close below the $2.9880 level, the price might continue to decline toward $2.950. The next major support sits near the $2.920 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 – $3.020 and $3.00.
Major Resistance Levels – $3.080 and $3.120.
