|

XRP Price Pauses After Rally – Can Bulls Hold Ground For Another Push?

XRP worth prolonged positive factors above $3.00 and $3.050 earlier than correcting positive factors. The worth is now consolidating positive factors and going through hurdles close to the $3.050 degree.

  • XRP worth is slowly shifting larger above the $2.920 help zone.
  • The worth is now buying and selling under $3.00 and the 100-hourly Simple Moving Average.
  • There is a key declining channel forming with resistance at $3.050 on the hourly chart of the XRP/USD pair (knowledge supply from Kraken).
  • The pair may proceed to maneuver up if it settles above $3.050.

XRP Price Faces Resistance

XRP worth began a restoration wave after it discovered help above $2.80 and $2.820, like Bitcoin and Ethereum. The worth was capable of surpass the $2.920 and $2.950 resistance ranges.

The worth even climbed above $3.00 earlier than the bears appeared. A high was shaped at $3.098 and the worth corrected some positive factors to check $2.950. It is now consolidating close to the 23.6% Fib retracement degree of the current decline from the $3.070 swing high to the $2.950 low.

The worth is now buying and selling under $3.050 and the 100-hourly Simple Moving Average. On the upside, the worth would possibly face resistance close to the $3.00 degree or the 50% Fib retracement degree of the current decline from the $3.070 swing high to the $2.950 low.

The first main resistance is close to the $3.050 degree. There can also be a key declining channel forming with resistance at $3.050 on the hourly chart of the XRP/USD pair. A transparent transfer above the $3.050 resistance would possibly ship the worth towards the $3.080 resistance. Any extra positive factors would possibly ship the worth towards the $3.120 resistance. The subsequent main hurdle for the bulls is perhaps close to $3.150.

Another Decline?

If XRP fails to clear the $3.00 resistance zone, it may begin a recent decline. Initial help on the draw back is close to the $2.950 degree. The subsequent main help is close to the $2.920 degree.

If there’s a draw back break and a detailed under the $2.920 degree, the worth would possibly proceed to say no towards $2.850. The subsequent main help sits close to the $2.80 zone, under which the worth may proceed decrease towards $2.720.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now dropping tempo within the bullish zone.

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

Major Support Levels – $2.950 and $2.920.

Major Resistance Levels – $3.00 and $3.050.

Similar Posts