Despite the overall mixed market sentiment, XRP has still retained its top performance in the crypto space. After breaking above key resistance, XRP price is consolidating above $3.02 and investors are waiting for the bulls to take it through $3.15. Price pulled back from the recent high of $3.214, but the structure is still bullish and could go up at any moment, according to several technical indicators. Buying pressure is increasing and traders are expecting the breakout to take XRP to new highs. However, with resistance zones ahead, the question is: will it continue to go up or retrace?
XRP Price Holds Above $3.02
XRP has been very strong after surging above $2.95 and outperforming other tokens. It cleared $3.00 and $3.15 resistance before a minor sell-off at $3.214. There was a small correction below, but buyers showed up to defend key levels.
Right now, XRP is trading above $3.02 and holding support at the 100 hourly SMA; a bullish flag has formed, which could mean higher highs.
Analysts say since the uptrend is intact, it means the buyers are in control. It’s also moving above the 23.6% Fibonacci retracement from the low of $2.656 to the high of $3.214 which means more upside to the trend.
If buying pressure continues, the upside targets will be at $3.15 but it will see more resistance at $3.20. A breakout above both will take XRP to $3.25 and $3.35 in the short term.
Can XRP Break $3.15 for a New High?
Although there have been minor pullbacks, XRP remains set up for more upside to a new high, with most technical indicators showing upside momentum. The price action is now indicating that traders are watching the resistance zones at $3.10 and $3.15, the key levels to break.
With more bullish momentum, the hourly MACD is supporting the upside continuation. RSI is also above 50, buyers are in control.
Once XRP breaks above $3.15 the next resistance will be at $3.20. Further up, it could go to $3.25 and $3.35. A break above $3.40 could also take it to $3.50, which is a big deal for the token.
But if it fails to break above $3.15, it could be a short-term consolidation or minor pullback. Traders will then look for the buying activity at the lower levels and confirm the trend is still intact.
What if XRP gets rejected at $3.10?
Even with the bullish sentiment still strong, XRP could still move down if the buyers can’t push beyond the key resistance areas. A valid rejection at $3.10 or $3.15 could mean another corrective wave down, the immediate support is at $3.02.
If the selling pressure increases the next support is at $2.95 which is also the 50% Fibonacci retracement of XRP’s recent rally. Below that, it could go to $2.85.
If the trend continues to go down, XRP will look to retest the support zone of $2.70 where the bulls will defend the token from moving further down. As long as XRP is above $3.00 the overall trend is still intact.
Conclusion
XRP is in the bull’s territory, consolidating the key supports upwards, and traders are waiting for the next move. Technicals are supporting more upside but $3.10 and $3.15 are the key levels to watch. A strong break above these zones could trigger a move to $3.35 or higher.
On the other hand, if the resistance is not broken, it could lead to a short-term correction at $2.95. The question remains: will the token continue with the bullish reaction and make a new high in a few days as more investors come in for XRP?
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FAQs
1. Why is the XRP price going up?
XRP has been in an uptrend structurally due to strong momentum, growing investor confidence and positive technical indicators of support. It just broke through some key resistance levels, so it might continue the upside.
2. What’s the next resistance for XRP?
The next resistance levels for XRP are at $3.10 and $3.15. A break above these zones could take it to $3.25, $3.35 and possibly $3.50.
3. Will XRP correct?
Yes, if XRP can’t break $3.15, it could be a short-term correction. Key supports to watch are $3.02, $2.95, and $2.85. As long as it’s above $3.00 the trend is still intact.
4. Which indicators say XRP will go up?
MACD is getting stronger in the bullish zone and RSI is above 50. XRP is also above the key moving averages and supports.
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