As the bullish wave hits again, XRP is set to observe a fresh surge in price, initiating from the $2.950 zone. The cryptocurrency is currently trading over $3.20 and is expected to witness more gains shortly.
XRP has commenced a new rise, surpassing the $3.20 zone. The digital currency is now trading over $3.220, staying above the 100-hourly Simple Moving Average. It managed to break a significant bearish trend line with a resistance level at $3.240, according to the hourly chart of the XRP/USD pair (data sourced from Kraken). If the cryptocurrency manages to stay above the $3.150 zone, it could trigger another rise.
XRP’s latest decline took it below the $3.250 support zone, underperforming compared to Bitcoin and Ethereum. The price fell below the $3.20 and $3.050 support levels. This decline resulted in XRP trading below the $3.00 mark, with the lowest point reached at $2.959. However, the cryptocurrency is now on a recovery path, having moved above the 23.6% Fib retracement level of the recent decline from the $3.650 high to the $2.959 low.
In addition, XRP broke above another key bearish trend line, this one with resistance at $3.240. The cryptocurrency is now trading above $3.250 and the 100-hourly Simple Moving Average. Looking ahead, XRP might encounter resistance near the $3.30 level and the 50% Fib retracement level of the recent fall from the $3.650 high to the $2.959 low. The first significant resistance is situated around the $3.3850 level. If XRP can clear the $3.3850 resistance, the price might rise towards the $3.450 resistance.
Any further gains could potentially drive the price towards the $3.50 resistance, or even as high as $3.5120 in the near term. The next significant challenge for the bulls might come around the $3.650 zone.
However, if XRP fails to clear the $3.30 resistance zone, it could trigger another decline. The initial support on the downside is near the $3.20 level, with the next significant support at the $3.150 level. If there is a downside break and a close below the $3.150 level, the price might continue to decline towards the $3.050 support, with the next major support near the $3.00 zone.
Technical Indicators detail that the Hourly MACD for XRP/USD is now gaining pace in the bullish zone. The Hourly RSI (Relative Strength Index) for XRP/USD is now above the 50 level. Major Support Levels are at $3.20 and $3.150, while Major Resistance Levels are at $3.30 and $3.3850.
