XRP's value surged beyond the $2.95 threshold and is currently consolidating gains, with prospects for further increases over the $3.15 level.
XRP saw a downside correction from the $3.22 mark and is now trading above $3.02, maintaining a position over the 100-hourly Simple Moving Average. A bullish flag pattern is emerging, with resistance at $3.10 on the hourly XRP/USD chart, sourced from Kraken. Clearing the $3.15 resistance zone may trigger a fresh upward trend.
After surpassing the $2.85 zone, XRP has outperformed Bitcoin and Ethereum. It broke through resistance levels at $2.95 and $3.00, even approaching $3.15. A peak of $3.214 was followed by a minor correction below $3.12, dipping past the 23.6% Fibonacci retracement level from the $2.6562 low to the $3.214 high. The price holds above $3.02, supported by the 100-hourly Simple Moving Average, with the bullish flag pattern setting a resistance point at $3.10.
The upward trajectory might encounter resistance at $3.10, with significant barriers positioned at $3.15 and $3.20. A decisive move above $3.20 may propel the price toward $3.25, with further gains potentially reaching $3.35 or $3.42. A subsequent hurdle for continued bullish movement could emerge at $3.50.
Should XRP fail to surpass the $3.10 resistance, another decline may begin, with initial support around $3.02. The next major support is near $2.95, aligning with the 50% Fibonacci retracement from the $2.6562 low to the $3.214 high. A drop below $2.95 might lead to further decreases toward $2.85, with a strong support level at $2.70.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.