XRP Price Could Restart Its Rally—Are Bulls Gearing Up Again?

XRP price started a fresh increase and surged above the $3.350 zone. The price is now consolidating gains and might continue to rise above the $3.650 zone.

• XRP price started a fresh increase above the $3.450 zone.
• The price is now trading below $3.50 and the 100-hourly Simple Moving Average.
• There was break below a key bullish trend line with support at $3.510 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could start another increase if it stays above the $3.350 zone.

XRP Price Regains Traction

XRP price started a fresh increase after it settled above the $3.250 level, beating Bitcoin and Ethereum. The price was able to climb above the $3.320 resistance level.

The bulls remained in action and the price gained pace for a move above $3.450 barrier. Finally, the price tested the $3.650 zone. A high was formed at $3.660 and the price is now consolidating gains. There was a move below the $3.60 level and the 23.6% Fib retracement level of the upward move from the $2.803 swing low to the $3.660 high.

There was break below a key bullish trend line with support at $3.510 on the hourly chart of the XRP/USD pair. The price is now trading below $3.50 and the 100-hourly Simple Moving Average.

On the upside, the price might face resistance near the $3.50 level. The first major resistance is near the $3.550 level. A clear move above the $3.550 resistance might send the price toward the $3.650 resistance. Any more gains might send the price toward the $3.720 resistance or even $3.80 in the near term. The next major hurdle for the bulls might be near the $4.00 zone.

Downside Correction?

If XRP fails to clear the $3.60 resistance zone, it could start another decline. Initial support on the downside is near the $3.40 level. The next major support is near the $3.350 level.

If there is a downside break and a close below the $3.350 level, the price might continue to decline toward the $3.320 support. The next major support sits near the $3.250 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 – $3.350 and $3.320.

Major Resistance Levels – $3.550 and $3.660.