XRP Price Extends Gains Above the $2.50 Resistance

The price is up over 30% and now faces resistance near the $3.00 barrier.

The price of XRP started a fresh increase from the $2.50 level. It surged above the $2.80 and $2.90 resistance levels.

XRP Price Surges 30%

Earlier today, we covered the formation of a bullish base after XRP price tested the $2.00 level. The price showed strength as it managed to stay above the $2.00 and $2.10 levels. It formed a base and started a fresh increase above the $2.20 level.

The price surged above the $2.50 and $2.65 levels. It even surged above $2.80 and tested $3.00. A high was formed at $3.00 and the price is now consolidating gains. It traded toward the 23.6% Fib retracement level of the upward move from the $1.95 swing low to the $3.00 high.

The price is now trading above $2.75 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2.40 on the hourly chart of the XRP/USD pair.

On the upside, the price might face resistance near the $2.90 level. The first major resistance is likely near the $3.00 level.

The next resistance is $3.20. A clear move above the $3.20 resistance might send the price toward the $3.350 resistance. Any more gains might send the price toward the $3.420 resistance or even $3.450 in the near term. The next major hurdle for the bulls might be $3.50.

What Happens if Price Drops?

If XRP fails to clear the $3.00 resistance zone, it could start another decline. Initial support on the downside is likely seen at the $2.750 level. The next major support is seen near the $2.620 level.

If there is a downside break and a close below the $2.62 level, the price might continue to decline toward the $2.50 support. The next major support sits near the $2.40 zone and the trend line.

If the bears gain complete control, the price could fall toward the $2.20 level.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $2.750 and $2.620.

Major Resistance Levels – $2.950 and $3.00.