XRP Price Pullback – Bulls Step In, $3.00 Remains Safe (For Now)
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XRP price gained pace for a move above the $3.120 resistance. The price is now correcting gains and might start another increase above $3.080.
- XRP price is consolidating gains and facing hurdles near the $3.080 resistance.
- The price is now trading below $3.060 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trend line with support at $3.080 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to rise if it stays above the $3.00 zone.
XRP Price Eyes Upside Break
XRP price managed to stay above the $3.00 level and started a fresh increase, beating Bitcoin and Ethereum . The price climbed above the $3.050 and $3.120 resistance levels.
The bulls even pumped the price above the $3.150 level. A high was formed at $3.1865 and the price recently corrected some gains. There was a drop below the 50% Fib retracement level of the upward move from the $2.9365 swing low to the $3.186 high.
Besides, there was a break below a key bullish trend line with support at $3.080 on the hourly chart of the XRP/USD pair. However, the bulls are active above the $3.00 level.
Source: XRPUSD on TradingView.comThe price is now trading below $3.060 and the 100-hourly Simple Moving Average. If the bulls protect the $3.00 support, the price could attempt another increase. On the upside, the price might face resistance near the $3.0620 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 $3.180 resistance. The next major hurdle for the bulls might be near $3.250.
More Downsides?
If XRP fails to clear the $3.0620 resistance zone, it could continue to move down. Initial support on the downside is near the $3.00 level and the 76.4% Fib retracement level of the upward move from the $2.9365 swing low to the $3.186 high. The next major support is near the $2.9350 level.
If there is a downside break and a close below the $2.9350 level, the price might continue to decline toward $2.90. The next major support sits near the $2.880 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 – $3.00 and $2.9350.
Major Resistance Levels – $3.0620 and $3.120.
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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