XRP price started a fresh increase above the $3.050 resistance. The price is now correcting some gains and might find bids near the $3.020 zone.
The bulls even pushed the price above $3.120. A high was formed at $3.138 and the price is now correcting some gains. There was a move below the $3.10 level. The price tested the 50% Fib retracement level of the upward move from the $2.9830 swing low to the $3.138 high.
The price is now trading above $3.050 and the 100-hourly Simple Moving Average. Besides, there is a bullish trend line forming with support at $3.040 on the hourly chart of the XRP/USD pair.
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. 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.
If XRP fails to clear the $3.10 resistance zone, it could continue to move down. Initial support on the downside is near the $3.050 level or the 61.8% Fib retracement level of the upward move from the $2.9830 swing low to the $3.138 high. The next major support is near the $3.020 level.
If there is a downside break and a close below the $3.020 level, the price might continue to decline toward $2.980. The next major support sits near the $2.9150 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 below the 50 level.
Major Support Levels – $3.050 and $3.00.
Major Resistance Levels – $3.10 and $3.120.
