XRP Price Pauses After Rally – Can Bulls Hold Ground For Another Push?

XRP price extended gains above $3.00 and $3.050 before correcting ￰0￱ price is now consolidating gains and facing hurdles near the $3.050 ￰1￱ price is slowly moving higher above the $2.920 support ￰2￱ price is now trading below $3.00 and the 100-hourly Simple Moving ￰3￱ is a key declining channel forming with resistance at $3.050 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could continue to move up if it settles above $3.050. XRP Price Faces Resistance XRP price started a recovery wave after it found support above $2.80 and $2.820, like Bitcoin and ￰4￱ price was able to surpass the $2.920 and $2.950 resistance ￰5￱ price even climbed above $3.00 before the bears appeared.

A high was formed at $3.098 and the price corrected some gains to test $2.950. It is now consolidating near the 23.6% Fib retracement level of the recent decline from the $3.070 swing high to the $2.950 ￰6￱ price is now trading below $3.050 and the 100-hourly Simple Moving ￰7￱ the upside, the price might face resistance near the $3.00 level or the 50% Fib retracement level of the recent decline from the $3.070 swing high to the $2.950 ￰8￱ first major resistance is near the $3.050 ￰9￱ is also a key declining channel forming with resistance at $3.050 on the hourly chart of the XRP/USD pair. A clear move above the $3.050 resistance might send the price toward the $3.080 ￰10￱ more gains might send the price toward the $3.120 ￰11￱ next major hurdle for the bulls might be near $3.150.

Another Decline? If XRP fails to clear the $3.00 resistance zone, it could start a fresh ￰12￱ support on the downside is near the $2.950 ￰13￱ next major support is near the $2.920 ￰14￱ there is a downside break and a close below the $2.920 level, the price might continue to decline toward $2.850. The next major support sits near the $2.80 zone, below which the price could continue lower toward $2.720. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish ￰15￱ RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 ￰16￱ Support Levels – $2.950 and $2.920.

Major Resistance Levels – $3.00 and $3.050.