XRP price started a fresh surge above the $3.00 zone. The price gained over 20%, traded to a new all-time high, and might continue to rise.
XRP Price Gains Bullish Momentum
In the past few days, the cryptocurrency market saw a decent increase. Bitcoin, ETH, and XRP gained bullish momentum and cleared many hurdles. XRP formed a base and cleared a major bearish trend line at $2.20 on the weekly chart to enter a positive zone.
The bulls were able to pump the price above the $3.00 resistance zone and the 50-week simple moving average (blue). There was a close above the 76.4% Fib retracement level of the downward move from the $3.40 swing high to the $1.615 low. This opened the doors for a new all-time high and the price traded above $3.60.
The price is now showing many bullish signs above the $3.50 level and the 50-week simple moving average (blue). The current price action suggests that the price might continue to rise in the coming days.
On the upside, immediate resistance is near the $3.650 level. The first key resistance is near the $3.7250 level. A clear move above the $3.7250 level might set the pace for more gains. In the stated case, the price might rise and test the $3.820 resistance. It is close to the 1.236 Fib extension level of the downward move from the $3.40 swing high to the $1.615 low.
The main stop for the bulls could be $4.00 in the coming weeks. Any more gains might send the price toward the $4.20 level.
Are Dips Supported?
Conversely, XRP price might fail to clear $3.650 and start a downside correction. Immediate support on the downside is near the $3.420 level. The next key support sits at $3.3650, below which the price could gain bearish momentum.
The next key support sits at $3.20. If the bulls fail to protect the $3.20 support, the price might accelerate lower toward the $3.050 support zone. Any more losses might spark heavy losses and encourage the bears for move toward the $2.80 support. The main uptrend support sits near the $2.00 handle and the 50-week simple moving average (blue).
Overall, XRP price is gaining bullish momentum above the $3.450 level. If the bulls remain active, the price could rise toward the $3.820 and $4.00 levels in the coming days.
