XRP has recently embarked on a notable upward trajectory, surpassing the $3.00 level with an impressive gain of over 15%. Currently trading above $3.050, the cryptocurrency is also positioned above the 100-hourly Simple Moving Average, suggesting a bullish momentum. A significant bullish trend line has formed, providing support at $3.150 on the hourly chart of the XRP /USD pairing, indicating that a fresh increase could be on the horizon if the price maintains its footing above the critical $3.00 support.
The surge began as XRP broke through resistance levels at $2.650 and $2.80, outperforming both Bitcoin and Ethereum in the process. Its price surpassed the $3.00 and $3.050 thresholds, even pushing beyond the $3.20 resistance. This rally saw XRP reach a high of $3.399 and it is now consolidating its gains above the 23.6% Fibonacci retracement level, derived from the upward movement between the swing low of $2.332 and a high of $3.40. The current trading environment remains favorable as XRP holds above $3.20.
Looking ahead, potential resistance levels lie near the $3.350 level, with the immediate focus on the $3.40 level. If XRP can break through this resistance convincingly, it may set its sights on $3.50 and even target $3.650 or $3.80 in the near term, with the $4.00 threshold being the next major milestone for bulls aiming for an all-time high.
Conversely, should XRP struggle to overcome the $3.40 resistance, a correction could ensue. Key downside support levels are identified at $3.250 and $3.20. A significant decline below the $3.20 level could see XRP retreat towards $2.8850 and the 50% Fibonacci retracement level, while further support exists around the $2.750 range.
Technical indicators reflect a healthy bullish sentiment, with the MACD gaining traction in positive territory and the Relative Strength Index (RSI) hovering above the 50 level, indicating overall favorable conditions for the asset.
