XRP price tested the $2.750 support and recovered losses. The price is now consolidating and facing hurdles near the $3.120 zone.
XRP Price Eyes Fresh Surge Above $3.20
In the last technical analysis, we saw a strong increase in XRP. The bulls were able to push the price above the $3.00 resistance zone. The price gained pace and was able to clear the $3.50 level, beating Bitcoin.
A high was formed at $3.661 and the price started a downside correction. There was a move below the $3.50 and $3.320 support levels. The price even dipped below the 23.6% Fib retracement level of the upward move from the $1.9124 swing low to the $3.6614 high.
XRP price spiked below $3.00 and tested the $2.750 support. The bulls were active near the 50% Fib retracement level of the upward move from the $1.9124 swing low to the $3.6614 high.
There is also a key bullish trend line forming with support at $2.90 on the daily chart. The price is now recovering higher above the $2.90 level. The current price action is positive, and the price is now well above the 50-day simple moving average (blue).
Immediate resistance on the upside is near the $3.120 level. The first major resistance is near the $3.150 level. A close above the $3.150 level could open the doors for another surge.
In the stated case, the price could rise toward the $3.250 level. The next resistance is near the $3.3250 level, above which the price could accelerate higher toward the $3.50 resistance. Any more gains might open the doors for a move toward the $3.650 zone.
Another Decline?
Conversely, XRP might see another decline from $3.10 or $3.12. Immediate support is near the $3.00 level. The first major support sits near the $2.90 level and the trend line. A daily close below the $2.90 support could spark a larger pullback.
The next major support is near the $2.750 level. The main support could be at $2.70 and the 50-day simple moving average (blue). If there is a clear move below the $2.70 support, the price could slide toward the $2.580 support zone. It is near the 61.8% Fib retracement level of the upward move from the $1.9124 swing low to the $3.6614 high.
If the bulls fail to protect the $2.580 level, the price could test $2.3250. Any more losses could send the price toward the $2.120 support zone.
Overall, XRP price is consolidating gains above the $2.90 and $2.750 support levels. To start a fresh surge, the price must settle above $3.120 and $3.250. If not, there could be a pullback toward the $2.580 support zone.
