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XRP Price Stuck In Consolidation: Where’s The Next Big Move?
XRP price started a consolidation phase from the $3.20 resistance zone. The price is now consolidating gains and might aim for more gains above the $3.20 zone.
- XRP price started a downside correction from the $3.220 zone.
- The price is now trading above $3.050 and the 100-hourly Simple Moving Average.
- There was a break above a bullish flag pattern forming with resistance at $3.10 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start a fresh increase if it clears the $3.20 resistance zone.
XRP Price Eyes Fresh Gains
XRP price started a fresh increase above the $2.950 zone, outperforming Bitcoin and Ethereum. The price rallied above the $2.95 and $3.00 resistance levels.
A high was formed at $3.214 and the price recently corrected some gains. There was a move below the $3.10 level. The price dipped toward the 50% Fib retracement level of the upward wave from the $2.6560 swing low to the $3.214 high.
However, the bulls were active near $3.00 and pushed the price higher. There was a break above a bullish flag pattern forming with resistance at $3.10 on the hourly chart of the XRP/USD pair.
The price is now trading above $3.050 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $3.150 level. The first major resistance is near the $3.20 level. The next resistance is $3.220.
A clear move above the $3.220 resistance might send the price toward the $3.320 resistance. Any more gains might send the price toward the $3.380 resistance or even $3.420 in the near term. The next major hurdle for the bulls might be $3.50.
Another Decline?
If XRP fails to clear the $3.150 resistance zone, it could start another decline. Initial support on the downside is near the $3.00 level. The next major support is near the $2.950 level.
If there is a downside break and a close below the $2.950 level, the price might continue to decline toward the $2.860 support or the 61.8% Fib retracement level of the upward wave from the $2.6560 swing low to the $3.214 high. The next major support sits near the $2.750 zone.
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 below the 50 level.
Major Support Levels – $3.00 and $2.950.
Major Resistance Levels – $3.150 and $3.20.
