TLDR
XRP has shown resilience by maintaining position above $3.050 and the 100-hourly Simple Moving Average
A bullish flag pattern has formed with resistance at $3.10 on the hourly chart
The cryptocurrency faces immediate resistance at $3.150 with major resistance at $3.20 level
Support levels are established at $3.00 and $2.950, providing a safety net for current price levels
Technical indicators suggest a potential consolidation phase with MACD showing decreasing momentum in the bullish zone
The digital asset XRP has demonstrated steady performance in recent trading sessions, maintaining prices above the crucial $3.050 level while showing signs of potential upward momentum. Market data from Kraken indicates a period of consolidation following a notable rally that pushed prices above several key resistance levels.
In the latest trading session, XRP established a local high at $3.214, marking a substantial recovery from previous price levels. The upward movement came after the cryptocurrency successfully broke through the $2.95 and $3.00 resistance zones, outperforming major cryptocurrencies including Bitcoin and Ethereum in terms of percentage gains.
The price action has formed a distinctive bullish flag pattern on the hourly chart, with resistance positioned at $3.10. This technical formation typically suggests the possibility of continued upward movement, pending a decisive breakout above current resistance levels.
Trading activity shows strong buyer support near the $3.00 mark, with bulls actively defending this price point during recent attempts at downward pressure. This support has been crucial in maintaining the current price range and preventing deeper retracements.
XRP Price on CoinGecko
Technical analysis reveals that XRP is trading above both the $3.050 price point and the 100-hourly Simple Moving Average, indicating sustained bullish momentum in the short term. The positioning above these technical indicators suggests underlying strength in the current market structure.
The immediate resistance zone is established at $3.150, presenting the first major hurdle for further price advancement. Beyond this level, the $3.20 and $3.220 resistance points represent key areas where increased selling pressure may emerge.
Market observers note that a successful breach above $3.220 could potentially open the path toward higher price targets. The next resistance levels are positioned at $3.320, with subsequent resistance points at $3.380 and $3.420.
The cryptocurrency’s price movement has shown respect for Fibonacci retracement levels, with recent corrections finding support near the 50% retracement of the upward wave that originated from the $2.6560 swing low to the $3.214 high.
Should buying pressure persist, traders are watching the $3.50 level as a major target, representing a substantial resistance zone that could require increased volume to overcome.
On the support side, the price structure shows multiple levels of buyer interest. The initial support zone is positioned at $3.00, followed by a stronger support level at $2.950. These levels have historically demonstrated their importance in preventing deeper price declines.
The hourly MACD indicator suggests decreasing momentum in the bullish zone, while the Relative Strength Index (RSI) has moved below the 50 level, indicating neutral to slightly bearish short-term momentum.
A break below $2.950 could trigger additional selling pressure, potentially leading to a test of the $2.860 support level. This area coincides with the 61.8% Fibonacci retracement level of the recent upward movement.
Further support can be found at $2.750, which represents a major support zone that could attract stronger buying interest if tested.
Trading volume patterns indicate active participation from both buyers and sellers, with momentum shifts occurring at key price levels.
Recent price action suggests a period of consolidation as market participants assess the next directional move.
The post XRP Price Action: Multiple Support Levels Defend $3 as Bulls Prepare for Next Move appeared first on Blockonomi.