XRP Price Targets a New All-Time High: Can Bulls Deliver?

Aayush Jindal

6 months ago

2 mins read

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XRP price started a fresh increase above the $3.00 level. The price is up over 15% and might continue to rise if it clears the $3.40 resistance.

XRP price gained over 15% and rallied above the $3.00 zone.
The price is now trading above $3.050 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $3.150 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might start a fresh increase if it stays above the $3.00 support.

XRP Price Settles Above $3.00

XRP price managed to start a fresh increase above the $2.650 and $2.80 resistance levels. The price gained over 15% and outperformed both Bitcoin and Ethereum. There was a move above the $3.00 and $3.050 levels.

The bulls even pumped the price above the $3.20 resistance to start another increase. It traded as high as $3.399 and is currently consolidating gains above the 23.6% Fib retracement level of the upward move from the $2.332 swing low to the $3.40 high.

The price is now trading above $3.20 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $3.150 on the hourly chart of the XRP/USD pair.

XRP Price — Source: XRPUSD on TradingView.com

On the upside, the price might face resistance near the $3.350 level. The first major resistance is near the $3.40 level. The next resistance is $3.420. A clear move above the $3.420 resistance might send the price toward the $3.50 resistance. Any more gains might send the price toward the $3.650 resistance or even $3.80 in the near term. The next major hurdle for the bulls might be $4.00 and a new all-time high.

Downside Correction?

If XRP fails to clear the $3.40 resistance zone, it could start another decline. Initial support on the downside is near the $3.250 level. The next major support is near the $3.20 level and the trend line.

If there is a downside break and a close below the $3.20 level, the price might continue to decline toward the $2.8850 support and the 50% Fib retracement level of the upward move from the $2.332 swing low to the $3.40 high. The next major support sits near the $2.750 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

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

Major Support Levels – $3.20 and $3.050.

Major Resistance Levels – $3.40 and $3.50.

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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