XRP price shows positive signals above the $2.950 area. The price is consolidating and may break through $3.120.
XRP price is consolidating above $2.920 and $2.950.
The current price is above $2.950 and the 100-hour simple moving average.
An ascending channel is forming on the hourly chart of XRP/USD, with resistance at $3.120 (data sourced from Kraken).
If the currency pair stays above $2.950, it may continue to rise.
XRP price is expected to rise again.
Unlike Bitcoin, XRP price is similar to Ethereum, maintaining an upward trend after stabilizing above $2.850. The price successfully climbed above the resistance levels of $2.920 and $3.00.
However, bears are active near $3.120. The price formed a high at $3.1260 and is currently consolidating below the 23.6% Fibonacci retracement level of the recent upward trend (from the low of $2.781 to the high of $3.126).
The current price is above $2.920 and the 100-hour simple moving average. On the upside, the price may face resistance near $3.065. The first major resistance level is near $3.120. An ascending channel is also forming on the hourly chart of XRP/USD, with resistance at $3.120.
If it can clearly break through the resistance level of $3.120, the price may fall towards the resistance level of $3.150. If it further rises, the price may fall towards the resistance level of $3.20. The next major resistance level for bulls may be near $3.250.
Another decline?
If XRP fails to break through the resistance level of $3.120, it may open up a new round of declines. On the downside, the initial support level is around $2.990. The next major support level is around $2.950.
If a downward breakout occurs and closes below $2.950, the price may continue to fall towards the support level of $2.920 and the 61.8% Fibonacci retracement level of the recent upward trend from the low of $2.781 to the high of $3.126. The next major support level is near the $2.8620 area; if this area is broken, the price may gain bearish momentum.
Technical indicators
Hourly MACD - The MACD for XRP/USD is currently accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) - The RSI for XRP/USD is now above the 50 level.
Major support levels - $2.990 and $2.920.
Major resistance levels - $3.120 and $3.150.
