XRP Price Sets the Stage for More Gains: Bulls Hold the Momentum

XRP price started a fresh increase above the $3.150 level. The price is holding gains and might start another increase if it clears the $3.2250 resistance.

• XRP price started a fresh increase from the $3.00 support zone.

• The price is now trading above $3.120 and the 100-hourly Simple Moving Average.

• There is a connecting bullish trend line forming with support at $3.10 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 $3.10 support.

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XRP Price Aims Higher

XRP price managed to start a fresh increase from the $3.00 support zone, but upsides were limited compared to Bitcoin. The price was able to surpass the $3.050 and $3.120 resistance levels.

There was a clear move above the 50% Fib retracement level of the downward move from the $3.3625 swing high to the $3.00 low. Besides, there is a connecting bullish trend line forming with support at $3.10 on the hourly chart of the XRP/USD pair.

The price is now trading above $3.120 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $3.2250 level or the 61.8% 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 $3.28 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.