XRP’s value has embarked on a new upward trajectory, surpassing the $3.350 mark. The price is currently stabilizing and may continue to rise past the $3.60 threshold.
– XRP’s value has launched a new surge beyond the $3.350 level.
– The price is now above $3.40, maintaining its position over the 100-hourly Simple Moving Average.
– A significant bullish trend line is developing with support around $3.450 on the hourly chart of the XRP/USD pair (data from Kraken).
– The pair might initiate another upward move if it remains above the $3.220 area.
XRP Price Climbs Over 15%
Following its consolidation above the $3.00 mark, XRP’s price initiated a fresh ascent, outperforming Bitcoin and Ethereum, successfully breaking the $3.220 resistance.
Bullish momentum persisted, enabling the price to surpass the $3.350 hurdle, eventually testing the $3.650 region. A peak was reached at $3.660, and the price is now stabilizing. Although there was a slight dip below $3.60, it stayed above the 23.6% Fib retracement level of the upward movement from the $2.80 swing low to the $3.660 high.
Currently, the price is trading above $3.50, aligned with the 100-hourly Simple Moving Average. Additionally, a key bullish trend line is forming, offering support at $3.450 on the XRP/USD pair’s hourly chart.
On the upside, resistance may be encountered near the $3.620 level, with the first significant resistance at $3.660. Breaking through the $3.660 resistance could propel the price to the $3.750 mark. Further gains might push the price toward the $3.80 or even $3.880 levels in the short term, with the next major challenge for the bulls potentially being near the $4.00 area.
Potential Downside?
Should XRP struggle to overcome the $3.660 resistance, it may initiate a downward trend. Initial support on the downside is found near the $3.450 level and the trend line area, with the next major support at the $3.350 level.
A breakdown below the $3.350 level could lead to a continued decline toward the $3.320 support, with further support approximately at the $3.220 zone.
Technical Indicators
– Hourly MACD: The MACD for XRP/USD is gaining momentum in the bullish territory.
– Hourly RSI (Relative Strength Index): The RSI for XRP/USD is currently above the 50 mark.
– Major Support Levels: $3.450 and $3.350.
– Major Resistance Levels: $3.660 and $3.80.
