Bullish XRP Price Sets the Stage for Further Gains as Momentum Builds
XRP price initiated a fresh uptrend above the $3.150 mark, maintaining its gains and poised for further growth upon clearing the $3.2250 obstacle.
- Commencing its increase from the $3.00 support region, XRPs value is now above $3.120 and the 100-hourly Simple Moving Average.
- On the hourly chart of XRP/USD (sourced from Kraken), a bullish trend line is emerging with support at $3.10.
- Sustaining above the $3.10 support could signal a new surge for the pair.
XRP Price Eyes Upward Movement
Despite originating from the $3.00 support zone, XRP price encountered resistance disparities compared to Bitcoin. Progression was seen beyond the $3.050 and $3.120 barriers.
Exceeding the 50% Fib retracement level from the recent downward shift, XRP/USD exhibits a bullish trend line with support at $3.10 on the hourly chart.
Currently surpassing the 100-hourly Simple Moving Average at $3.120, potential resistance lies near $3.2250 or the 61.8% Fib retracement level from the recent high to low trajectory.
Primary resistance points are situated near $3.28 and $3.350, with further potential growth toward $3.450, $3.50, and possibly $3.550. Bulls might aim for the challenging $3.650 milestone and a record high.
Potential Reversal?
If clearance at the $3.2250 threshold is not achieved, XRP could experience a downturn. Initial support is at $3.10 and the trend line, followed by a critical level at $3.00.
In case of downward movement breaching $3.00, XRP might descend to $2.880 and eventually $2.750.
Technical Indicators
Hourly MACD signals a slowdown in bullish momentum for XRP/USD.
Hourly RSI indicates strength above the 50 level for XRP/USD.
Key Support Levels $3.10 and $3.00.
Key Resistance Levels $3.2250 and $3.350.
The post Bullish XRP Price Sets the Stage for Further Gains as Momentum Builds appeared first on Crypto Breaking News.
Text source: Crypto Breaking News
