XRP Price Gains Traction Above $2.80, Might Continue Higher if it Clears the $3.20 Resistance

XRP price managed to start a fresh increase above the $2.50 and $2.65 resistance levels. The price gained over 10% and outperformed both Bitcoin and Ethereum.

XRP price began a fresh increase above the $2.80 level. The price is up over 10% and might continue to rise if it clears the $3.20 resistance.

XRP Price Commences Another Increase

XRP price started a strong increase after it broke through a crucial resistance at $2.50. As a result, the price rallied over 10%, outperforming both Bitcoin and Ethereum. There was a strong move above the $2.80 and $2.850 levels.

The bulls even managed to pump the price above the $2.92 resistance to begin another increase. XRP price reached a high of $3.20 and is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $2.333 swing low to the $3.20 high.

The price is now trading above $2.90 and the 100-hourly Simple Moving Average. Moreover, there is a bullish trend line connecting support at $2.880 on the hourly chart of the XRP/USD pair.

On the upside, the price could face resistance near the $3.050 level. The first major resistance is at $3.12, followed by another at $3.20. A clear move above the $3.20 resistance could lead the price towards the $3.320 resistance.

Further gains may propel the price towards the $3.450 resistance or even the $3.50 level in the near term. The next major hurdle for the bulls could be at $3.620.

Downside Correction?

If XRP fails to break through the $3.20 resistance zone, it could begin another decline. The first support on the downside is at $2.980, followed by another at $2.800 and the trend line. It is also close to the 50% Fib retracement level of the upward move from the $2.333 swing low to the $3.20 high.

In the event of a downside breakout and a close below the $2.80 level, the price could continue to decline towards the $2.650 support. The next major support is at the $2.50 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.

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

Major Support Levels – $2.980, $2.80.

Major Resistance Levels – $3.050, $3.20.