Currently, XRP is consolidating gains above $2.920 and $2.950, trading well above the 100-hourly Simple Moving Average (SMA). The bullish outlook is reinforced by a rising channel pattern, with immediate resistance building near the $3.120 mark.
XRP Price Eyes Fresh Gains
XRP successfully climbed beyond the $2.920 and $3.00 resistance levels earlier this week, reaching as high as $3.126 before facing seller pressure near the $3.120 resistance zone. Despite the pullback, the token remains well-positioned to attempt another breakout.
On the hourly chart of the XRP/USD pair (data source: Kraken), a rising channel is forming, pointing to a potential continuation of the upward trend. The immediate upside hurdle sits near $3.065, followed by major resistance at $3.120.
A successful close above $3.120 could push XRP toward the $3.150 resistance, with further gains opening the door for a run toward $3.20 and possibly $3.250 in the short term.
Risk of Another Pullback
If XRP fails to clear the $3.120 resistance zone, the price could retrace. Initial support lies near $2.990, with stronger support at $2.950. A close below $2.950 may trigger a deeper correction toward $2.920, aligning with the 61.8% Fibonacci retracement level from the $2.781 swing low to the $3.126 high. Should bearish momentum accelerate, XRP could test the $2.8620 zone.
Technical Indicators
- MACD: Gaining strength in the bullish zone.
- RSI: Holding above the 50 level, signaling positive momentum.
- Support Levels: $2.990, $2.920.
- Resistance Levels: $3.120, $3.150, $3.20.
Conclusion
XRP price remains strong above the $2.950 support and is gearing up for another breakout attempt.
A decisive move above $3.120 could confirm renewed bullish momentum and open the path toward $3.20 in the near term.
