XRP price is up over 5% and has tested the $3.00 resistance. The price is now consolidating gains and might correct lower if stays below $3.00.
The bulls even pumped the price above the $2.950 level. A high was formed at $2.994 and the price is now consolidating gains. It is testing the 23.6% Fib retracement level of the upward move from the $2.794 swing low to the $2.994 high.
The price is now trading above $2.920 and the 100-hourly Simple Moving Average. Besides, there is a bullish trend line forming with support at $2.930 on the hourly chart of the XRP/USD pair.
If the bulls protect the $2.930 support, the price could attempt another increase. On the upside, the price might face resistance near the $2.980 level. The first major resistance is near the $3.00 level. A clear move above the $3.00 resistance might send the price toward the $3.050 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.
If XRP fails to clear the $2.980 resistance zone, it could continue to move down. Initial support on the downside is near the $2.930 level and trend line. The next major support is near the $2.8920 level or the 50% Fib retracement level of the upward move from the $2.794 swing low to the $2.994 high.
If there is a downside break and a close below the $2.8920 level, the price might continue to decline toward $2.860. 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 losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $2.930 and $2.860.
Major Resistance Levels – $2.980 and $3.00.
