XRP price started a significant rise above $3.00. The current price faces resistance at $3.10, and may pull back part of the gains in the short term.
XRP price is attempting to start a new increase above the $3.00 area.
The current price is above $2,980 and the 100-hour simple moving average.
On the hourly chart for XRP/USD, it broke below the bullish trend line at the support level of $3.065 (data from Kraken).
If the currency pair stays above $2.920, it may start to rise again.
XRP price faces resistance
XRP price broke through the $2.820 area, initiating a new round of increases, surpassing Bitcoin and Ethereum. The price successfully broke through the resistance levels of $2.920 and $2.950.
The price even broke through the resistance level of $3.00. Ultimately, shorts appeared near the $3.10 area. The price formed a high of $3.106 and is currently correcting the gains. On the hourly chart for XRP/USD, a bullish trend line broke the support at $3.065.
The current price is trading above $3.00 and the 100-hour simple moving average. It is also above the 23.6% Fibonacci retracement level of the upward move from the low of $2.730 to the high of $3.106.
On the upside, the price may face resistance near $3.10. The first major resistance level is around $3.120. If the price clearly breaks through the $3.120 resistance level, it may push higher to the $3.150 resistance level. If the price continues to rise, it may fall towards the $3.20 resistance level in the short term, or even $3.2120. The next major resistance level for bulls may be around $3.250.
Will it drop further?
If XRP fails to break through the resistance level of $3.10, it may initiate a new round of decline. The initial support level on the downside is around $3.00. The next major support level is around $2.950.
If a downward breakout occurs and closes below $2.950, the price may continue to decline to the support level of $2.920 and the 50% Fibonacci retracement level of the upward move from the low of $2.730 to the high of $3.106. The next major support level is near the $2.880 area, where bulls may find a foothold.
Technical indicators
Hourly MACD - The MACD for XRP/USD is currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) - The RSI for XRP/USD is currently above the 50 level.
Major support levels - $3.00 and $2.920.
Major resistance levels - $3.10 and $3.120.