TLDR
XRP price surged above $2.95 and reached a high of $3.214, showing strong bullish momentum
Currently trading above $3.020 and the 100-hourly Simple Moving Average with a bullish flag pattern forming
Major resistance levels are at $3.10 and $3.15, with potential targets at $3.25, $3.35, and $3.50 if momentum continues
Key support levels established at $3.02, $2.95, and $2.85
Technical indicators including MACD and RSI suggest bullish continuation remains likely
XRP has demonstrated remarkable price action in recent trading sessions, establishing a strong position above the $3 mark. The digital asset initiated a notable upward movement, breaking through several key resistance levels and reaching a local high of $3.214.
The price movement began with a decisive push above the $2.850 zone, quickly followed by successful breaks above the $2.95 and $3.00 resistance levels. This upward trajectory continued until the price encountered resistance near the $3.214 level, where some profit-taking occurred.
Following the recent high, XRP entered a period of healthy consolidation. The price experienced a minor correction, briefly dipping below the $3.12 level. This retracement remained shallow, only reaching the 23.6% Fibonacci retracement level of the upward movement from the $2.6562 swing low to the $3.214 high.
Technical analysis reveals the formation of a bullish flag pattern on the hourly chart, with resistance near the $3.10 level. This pattern, combined with the price maintaining levels above both $3.020 and the 100-hourly Simple Moving Average, suggests the potential for continued upward movement.
The immediate price action shows strong support at the $3.020 level, with buyers actively defending this zone. Additional support levels have been established at $2.950, which coincides with the 50% Fibonacci retracement level of the recent upward movement.
Trading volumes have remained steady throughout this period, indicating sustained interest from market participants. The volume profile suggests genuine buying pressure rather than speculative activity, lending credibility to the current price levels.
The hourly MACD indicator has entered the bullish zone and continues to show positive momentum. This technical indicator’s behavior aligns with the overall bullish market structure, providing additional confirmation of the upward bias.
XRP Price on CoinGecko
The Relative Strength Index (RSI) on the hourly timeframe maintains a position above the 50 level, indicating healthy buying pressure without reaching overbought conditions. This suggests room for potential further upside movement.
Looking at potential resistance levels, the first major hurdle appears at $3.10, followed by a more substantial resistance zone near $3.150. A successful break above these levels could open the path toward the $3.20 mark.
Should the bullish momentum continue, the next targets for buyers include the $3.250 and $3.350 levels. Some analysts point to $3.420 as a potential target in the near term, with $3.50 representing a major psychological resistance level.
On the support side, the price structure remains robust. The immediate support at $3.020 has proven reliable, with additional backup support at $2.950. In the event of a deeper correction, the $2.850 level should provide strong support, followed by the $2.70 zone.
The current price action shows a clear preference for buying on dips, with each minor pullback being met with fresh buying interest. This behavior suggests market participants remain confident in the asset’s near-term prospects.
Trading patterns indicate a mature market structure, with well-defined support and resistance levels. The price action has maintained a series of higher lows and higher highs, a classic indication of upward momentum.
The hourly chart reveals multiple technical confluences supporting the bullish case. These include the alignment of moving averages, trend lines, and key Fibonacci levels, all suggesting a robust market structure.
Recent trading sessions have shown decreased volatility compared to the initial surge, indicating a more sustainable price movement. This reduced volatility allows for better price discovery and more stable support levels.
The post XRP Price: Bulls Target $3.50 After Recent Consolidation appeared first on Blockonomi.