XRP Price Stuck In Consolidation: Where’s The Next Big Move?

Aayush Jindal

5 months ago

2 mins read

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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.

XRP Price — Source: XRPUSD on TradingView.com

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.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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