XRP price started a recent rally above the $3.050 level. The price is making gains and could continue to rise if it clears the $3.20 resistance.
- XRP price rose more than 15% and moved towards the $3.40 zone.
- The price is now trading below $3.250 and the 100-hour simple moving average.
- There is a connecting bearish trend line with resistance at $3.20 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may initiate a fresh rally if it remains above the $2.880 support.
XRP price drops to support
XRP price managed to initiate a recent rally above the $2.750 and $2.880 resistance levels. Price trumped both Bitcoin And ethereum. There was a move above the $3.050 and $3.20 levels.
The price tested the $3.40 zone and recently corrected some gains. A low was formed at $2.81 and the price is now recovering. There was a move above the $3.050 level. The price cleared the 50% Fib retracement level of the move down from the $3.23 swing high to the $2.81 low.
The price is now trading below $3.20 and the 100-hour simple moving average. There is also a connecting bearish trend line with resistance at $3.20 on the hourly chart of the XRP/USD pair.
On the upside, the price may face resistance near the $3.130 level or the 76.4% Fib retracement level of the downside move from the $3.23 swing high to the $2.81 low. The first major resistance is near the $3.20 level. The next resistance is $3.230.
A clear move above the $3.230 resistance could send the price towards the $3.320 resistance. Any further gains could send the price towards the $3.40 resistance or $3.420 in the near term. The next major hurdle for the bulls could be $3.50 and a new all-time high.
Another downside improvement?
If XRP fails to clear the $3.20 resistance zone, it could initiate another decline. Initial support on the downside is near the $3.00 level. The next major support is near the $2.88 level.
If there is a downside break and a close below the $2.88 level, the price may decline towards the $2.750 support. The next major support sits near the $2.650 zone.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Key support levels – $3.00 and $2.880.
Key resistance levels – $3.130 and $3.20.
