XRP Price Resilience Shines: Is a Parabolic Move on the Horizon?

XRP price started a fresh increase above the $3.250 level. The price is holding gains and might start another increase if it clears the $3.180 resistance.

• XRP price traded toward the $3.35 level before it corrected some gains.

• The price is now trading below $3.20 and the 100-hourly Simple Moving Average.

• There is a key rising channel forming with support at $3.0650 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.

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XRP Price Holds Support

XRP price managed to start a fresh increase above the $3.050 and $3.150 resistance levels. The price even cleared the $3.20 resistance level, but underperformed Bitcoin. A high was formed at $3.3625 before there was a downside correction.

There was a drop below the $3.15 level. A low was formed at $3.00 and the price is now recovering. There was a move above the $3.050 level. The price cleared the 23.6% Fib retracement level of the downward move from the $3.3625 swing high to the $3.00 low.

The price is now trading below $3.20 and the 100-hourly Simple Moving Average. There is also key rising channel forming with support at $3.0650 on the hourly chart of the XRP/USD pair.

On the upside, the price might face resistance near the $3.180 level or the 50% Fib retracement level of the downward move from the $3.3625 swing high to the $3.00 low. The first major resistance is near the $3.225 level. The next resistance is $3.350.

A clear move above the $3.350 resistance might send the price toward the $3.450 resistance. Any more gains might send the price toward the $3.50 resistance or even $3.550 in the near term. The next major hurdle for the bulls might be $3.650 and a new all-time high.