XRP Price Stability Signals Opportunity – Is a Fresh Breakout on the Horizon?

XRP price started a fresh increase above the $3. 050 resistance.

The price is now correcting some gains and might find bids near the $3. 020 zone.

XRP price is moving higher above the $3. 00 support zone.

The price is now trading above $3. 050 and the 100-hourly Simple Moving Average.

There is a bullish trend line forming with support at $3. 040 on the hourly chart of the XRP/USD pair (data source from Kraken).

The pair could continue to move up if it clears the $3. 120 zone.

XRP Price Holds Support XRP price remained support above $2. 950 and started a fresh increase, like Bitcoin and Ethereum .

The price climbed above the $3. 020 and $3.

080 levels. The bulls even pushed the price above $3.

120. A high was formed at $3.

138 and the price is now correcting some gains. There was a move below the $3.

10 level. The price tested the 50% Fib retracement level of the upward move from the $2.

9830 swing low to the $3. 138 high.

The price is now trading above $3. 050 and the 100-hourly Simple Moving Average.

Besides, there is a bullish trend line forming with support at $3. 040 on the hourly chart of the XRP/USD pair.

If the bulls protect the $3. 050 support, the price could attempt another increase.

On the upside, the price might face resistance near the $3. 10 level.

The first major resistance is near the $3. 120 level.

A clear move above the $3. 120 resistance might send the price toward the $3.

20 resistance. Any more gains might send the price toward the $3.

2320 resistance. The next major hurdle for the bulls might be near $3.

250. More Downside?

If XRP fails to clear the $3. 10 resistance zone, it could continue to move down.

Initial support on the downside is near the $3. 050 level or the 61.

8% Fib retracement level of the upward move from the $2. 9830 swing low to the $3.

138 high. The next major support is near the $3.

020 level. If there is a downside break and a close below the $3.

020 level, the price might continue to decline toward $2. 980.

The next major support sits near the $2. 9150 zone, below which the price could gain bearish momentum.

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. 050 and $3.

00. Major Resistance Levels – $3.

10 and $3. 120.