The price of XRP has recently shown a positive trend, climbing above the $3.250 level. This upward movement may continue if the asset successfully breaches the resistance level at $3.180. Following an attempt to reach $3.35, XRP experienced a minor correction and is currently trading below $3.20, as well as below the 100-hourly Simple Moving Average.
In the recent trading pattern, XRP has broken through the $3.050 and $3.150 resistance levels, even surpassing $3.20 momentarily. A peak was reached at $3.3625, but this was followed by a pullback which brought the price down below $3.15, with a support low established at $3.00. The cryptocurrency is now on the mend, having reclaimed ground above the $3.050 level and also breached the 23.6% Fibonacci retracement level from its recent high down to the $3.00 low.
Despite its upward movements, XRP is still trading underneath the $3.20 threshold and the 100-hourly Simple Moving Average. A key rising channel is forming, suggesting that as long as XRP remains above the $3.00 support level, there is potential for a new rally. Resistance levels are expected near $3.180 and the 50% Fibonacci retracement from the peak at $3.3625 to the low at $3.00.
Should XRP decisively surpass the $3.350 mark, it could pave the way for a rally towards the $3.450 resistance level and possibly further to $3.50. However, the challenges don’t end there, with the potential for new highs at $3.650 and beyond. Conversely, should XRP fail to breach the $3.20 resistance, a decline could ensue, with initial support anticipated around $3.0650 and further at $3.00. A decisive drop below this support could lead to a continued downturn towards the $2.880 and $2.750 support levels.
For now, the technical indicators point to a weakening momentum in the bullish zone, and the Relative Strength Index (RSI) indicates that XRP is currently below the neutral level. Monitoring these indicators will be crucial for forecasting XRP ’s short-term price movements.
