XRP Price Holds Above Key Support Levels Amid Resistance Challenges
XRP Price Analysis
- XRP price increased above $3.250 and is currently holding gains.
- Price traded towards $3.35 but faced a correction; it now trades below $3.20 and the 100-hourly Simple Moving Average.
- A rising channel is forming with support at $3.0650 on the hourly chart.
- Fresh increase potential exists if prices remain above $3.00 support.
XRP broke key resistance levels of $3.050 and $3.150, reaching a high of $3.3625 before correcting downward to $3.00. Currently, it has moved above the 23.6% Fib retracement level from the recent swing high.
Resistance Levels
- Immediate resistance near $3.180 and $3.225.
- Next resistance at $3.350 and then $3.450.
- Potential move towards $3.50 and $3.550 if bullish momentum continues.
- Major hurdle for bulls could be $3.650 for a new all-time high.
Downside Risks
- If XRP fails to clear $3.20, a decline may occur.
- Initial support levels are at $3.0650 and $3.00.
- A drop below $3.00 may lead to further declines towards $2.880 and $2.750.
Technical Indicators
- Hourly MACD shows weakening bullish momentum.
- RSI is below the 50 threshold.
