XRP Price Action Signals Strength, More Upside Potential Ahead

XRP price is showing positive signs above the $2.950 ￰0￱ price is consolidating and might aim for a fresh move above $3.120. XRP price is consolidating above $2.920 and $2.950 ￰1￱ price is now trading above $2.950 and the 100-hourly Simple Moving ￰2￱ is a rising channel forming with resistance at $3.120 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could continue to move up if it stays above the $2.950 ￰3￱ Price Eyes Fresh Increase XRP price remained in a positive zone after it settled above the $2.850 zone, unlike Bitcoin and like ￰4￱ price was able to climb above the $2.920 and $3.00 resistance levels. However, the bears were active near $3.120.

A high was formed at $3.1260 and the price is now consolidating gains below the 23.6% Fib retracement level of the recent upward move from the $2.781 swing low to the $3.126 ￰5￱ price is now trading above $2.920 and the 100-hourly Simple Moving ￰6￱ the upside, the price might face resistance near the $3.065 ￰7￱ first major resistance is near the $3.120 ￰8￱ is also a rising channel forming with resistance at $3.120 on the hourly chart of the XRP/USD pair. A clear move above the $3.120 resistance might send the price toward the $3.150 ￰9￱ more gains might send the price toward the $3.20 ￰10￱ next major hurdle for the bulls might be near $3.250. Another Decline?

If XRP fails to clear the $3.120 resistance zone, it could start a fresh ￰11￱ support on the downside is near the $2.990 ￰12￱ next major support is near the $2.950 ￰13￱ there is a downside break and a close below the $2.950 level, the price might continue to decline toward the $2.920 support and the 61.8% Fib retracement level of the recent upward move from the $2.781 swing low to the $3.126 ￰14￱ next major support sits near the $2.8620 zone, below which the price could gain bearish ￰15￱ Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish ￰16￱ RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 ￰17￱ Support Levels – $2.990 and $2.920.

Major Resistance Levels – $3.120 and $3.150.