XRP Price Analysis: Bulls Defend $3.10 Support While Eyeing $3.350 Target

TLDR

• XRP price showed strong momentum with a fresh increase above $3.150, maintaining stability above the 100-hourly Simple Moving Average
• A bullish trend line has formed with support at $3.10, suggesting continued upward potential
• Key resistance levels are established at $3.2250 and $3.350, with potential for movement toward $3.450 if momentum continues
• Initial support levels are positioned at $3.10 and $3.00, providing a safety net for the current price action
• Technical indicators, including MACD and RSI, suggest maintained bullish sentiment despite some slowing in pace

XRP has demonstrated remarkable price action in recent trading sessions, maintaining strong momentum above the $3.150 mark. The digital asset began its upward trajectory from a solid foundation at the $3.00 support zone, showing resilience in the face of broader market movements.

The cryptocurrency’s price movement has established itself firmly above both the $3.120 level and the 100-hourly Simple Moving Average, indicating robust underlying strength in the current trend. This positioning above key technical indicators suggests a healthy market structure supporting further potential gains.

Market data from Kraken reveals the formation of a connecting bullish trend line, with support holding steady at $3.10 on the hourly chart. This technical pattern has emerged as a key feature of XRP’s recent price action, providing traders with a clear reference point for potential support levels.

The upward movement has successfully cleared several important technical hurdles, including the 50% Fibonacci retracement level. This level was calculated from the recent swing high of $3.3625 to the low of $3.00, representing a crucial milestone in the asset’s recovery phase.

Trading volumes have remained consistent throughout this period, lending credibility to the price action and suggesting genuine market interest rather than temporary volatility. This volume support adds weight to the sustainability of the current price levels.

Technical analysis reveals multiple resistance levels that traders are watching closely. The immediate resistance zone appears near $3.2250, coinciding with the 61.8% Fibonacci retracement level of the recent downward move. This level represents a key technical barrier that could influence short-term price action.

XRP Price on CoinGecko

Beyond the immediate resistance, traders have identified $3.28 as another important level to watch. A breakthrough above this point could open the path toward the $3.350 mark, which stands as a more substantial resistance level in the current market structure.

The hourly MACD indicator, while still in the bullish zone, has shown signs of losing some momentum. However, this technical signal should be viewed in the context of the overall trend rather than in isolation. The Relative Strength Index (RSI) remains positioned above the 50 level, supporting the current bullish narrative.

Market participants are closely monitoring the $3.10 support level, which aligns with the established trend line. This zone has proven to be a reliable foundation for the recent price action and could serve as a springboard for future moves higher.

Should the market encounter selling pressure, the $3.00 level stands as a crucial support zone. This level has previously demonstrated its importance as a psychological and technical support point for XRP traders.

In the event of a continued upward movement, price targets have been identified at $3.450 and potentially $3.50. Some analysts suggest that sustained buying pressure could even push the price toward $3.550 in the near term.

The market structure also shows potential for movement toward $3.650, though this would require a sustained break above current resistance levels. This target represents a level that could precede a potential new all-time high.

Lower support levels have been established at $2.880 and $2.750, though these would only come into play if the current support zones fail to hold. These levels represent important technical and psychological points that could attract buying interest in case of a broader market pullback.

Recent price data indicates that XRP continues to trade above key moving averages, maintaining its position despite some consolidation in the broader cryptocurrency market. This relative strength has caught the attention of market participants.

The latest trading sessions show continued interest from buyers at current levels, with steady volume supporting the price action above $3.15.

The post XRP Price Analysis: Bulls Defend $3.10 Support While Eyeing $3.350 Target appeared first on Blockonomi.