The price of XRP has started a fresh surge above the $3,050 level. The price is maintaining its gains and could continue to rise if it breaks the resistance at $3.20.

• The price of XRP increased by over 15% and moved towards the $3.40 zone.
• The price is currently below $3,250 and the 100-hour basic moving average.
• A connecting bearish trend line is forming on the hourly chart of the XRP/USD pair with resistance at $3.20 (data source from Kraken).
• The pair could start a fresh rally if it holds above the support at $2,880.

XRP Prices Fall to Support

XRP price managed to start a fresh rally above the $2,750 and $2,880 resistance levels. The price was outperforming both Bitcoin and Ethereum. There was a move above the $3.050 and $3.20 levels.

The price has been testing the $3.40 zone and has recently corrected some gains. The lowest value was created at USD 2.81 and the price is now starting to recover. There was a move above the $3,050 level. The price broke the 50% Fib retracement level in a move down from a high of $3.23 to a low of $2.81.

The price is currently below $3.20 and the 100-hour basic moving average. A converging downtrend line is also forming on the hourly chart of the XRP/USD pair with resistance at $3.20.

On the other hand, the price may face resistance near the $3.130 level or the 76.4% Fib retracement level on a downward move from the $3.23 high to the $2.81 low. The first major resistance is near the $3.20 level. The next resistance is $3,230.

A clear move above the resistance at $3,230 could push the price towards the resistance at $3,320. Further gains could push the price towards the resistance level of $3.40 or even $3.420 in the near future. The next major hurdle for bulls could be $3.50 and a fresh all-time high.

Another negative correction?

If XRP fails to break the resistance zone at $3.20, another decline could begin. Initial downside support is near the $3.00 level. The next critical support is near the $2.88 level.

If there is a downside breakout and a close below the $2.88 level, the price could continue to fall towards the $2,750 support. The next major support is near the $2,650 zone.

Technical indicators

Hourly MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level.

Major support levels – $3.00 and $2,880.

Major resistance levels – $3.130 and $3.20.