Is XRP on the Verge of a Parabolic Price Surge?
XRP value commenced an upward trend surpassing the $3.250 mark. It is maintaining its gains and could potentially surge further if it surpasses the $3.180 resistance level.
- XRP value reached close to $3.35 before experiencing a correction.
- Currently, the price is trading under $3.20 and below the 100-hourly Simple Moving Average.
- An important rising channel is forming with support at $3.0650 on the XRP/USD hourly chart (data sourced from Kraken).
- If the pair stays above the $3.00 support level, it could see a new increase.
XRP Price Maintains its Position
XRPs value saw a rise above the $3.050 and $3.150 resistances, also surpassing the $3.20 resistance but falling short compared to Bitcoins performance. The value peaked at $3.3625 before experiencing a downside correction.
After dropping below $3.15, a low point was marked at $3.00, and the price is currently in a recovery phase. It has surpassed the $3.050 level and the 23.6% Fib retracement level, showing progress from the recent swing high to swing low.
Presently, the price remains under $3.20 and the 100-hourly Simple Moving Average, with a rising channel visible on the XRP/USD hourly chart featuring support at $3.0650.
Anticipated resistance levels include $3.180, the 50% Fib retracement level, along with $3.225. The subsequent resistance marks $3.350.
A breakthrough past the $3.350 resistance level could push the price towards $3.450 and further to $3.50 or possibly $3.550. Bulls might encounter resistance at $3.650 as they aim for a new all-time high.
Possible Downturn?
Failing to surpass the $3.20 resistance zone may lead to a downturn for XRP. Initial support is likely near $3.0650, followed by a major support level near $3.00.
If the price breaks below $3.00, it could continue declining towards $2.880, with additional support near $2.750.
Technical Indicators
Hourly MACD XRP/USDs MACD is slightly losing momentum in the bullish territory.
Hourly RSI (Relative Strength Index) The RSI for XRP/USD is currently below the 50 mark.
Key Support Levels $3.0650 and $3.00.
Key Resistance Levels $3.180 and $3.220.
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