XRP Preparing for a Breakout—Will This Drive the Next High?

The price of $XRP is consolidating gains below the zone of $3.320. The price shows positive signs and may seek a move above the resistance of $3.350. However, it is facing difficulties in establishing itself above the zone of $3.30. Currently, the price is being traded above $3.220 and the 100-hour Simple Moving Average. There is a downward trend line forming with resistance at $3.288 on the hourly chart of the pair $XRP /USD. The pair may gain bullish momentum if it surpasses the zone of $3.30.

The price of $XRP formed a base above the level of $3.10 and initiated a new increase, similar to Bitcoin and Ethereum. The price gained momentum for a move above the resistance levels of $3.120 and $3.15. The bulls drove the price above the resistance of $3.250, but the bears were active near $3.30. A peak was formed at $3.30, and the price retreated toward the 50% Fibonacci retracement level of the upward move from $3.10 to $3.30.

On the positive side, the price may face resistance near the level of $3.288. The first major resistance is near the level of $3.30. A clear move above the resistance of $3.30 could drive the price toward the resistance of $3.350. Additional gains could push the price toward the resistance of $3.380 or even $3.40 in the short term. The next major obstacle for the bulls could be near the zone of $3.450.

If XRP fails to break through the resistance zone of $3.30, it could start a new decline. The initial support on the downside is near the level of $3.20. The next important support is near the level of $3.150 or the 76.4% Fibonacci retracement level of the upward move from $3.10 to $3.30. If there is a breakdown and a close below the level of $3.150, the price could continue to fall toward the support of $3.080. The next important support is near the zone of $3.020, where the bulls may try to establish themselves.

Technical indicators show that the hourly MACD for XRP/USD is gaining momentum in the bullish zone, and the hourly RSI is above the level of 50. The key support levels are $3.150 and $3.080, while the key resistance levels are $3.30 and $3.350.