XRP price gained bullish momentum and rallied above $3.20. The price is now correcting gains and might find bids near the $3.00 zone.
XRP Price Remains Supported On Dips
In the last technical analysis, we discussed the chances of a strong increase in XRP. The bulls remained in action and pushed the price above the $2.80 resistance zone. The price gained pace and was able to settle above the $3.00 pivot level, beating Bitcoin in recent days.
The recent move was such that the price surged over 25% and traded above $3.50. A high was formed at $3.6614 and the price is now correcting gains. There was a move below the $3.50 level. The price 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 is still well above the $3.00 level and the 50-day simple moving average (blue). The current price action is positive, and dips could be limited in the near term.
Immediate support is near the $3.050 level. The first major support sits near the $3.00 level. There is also a key bullish trend line forming with support at $3.00 on the daily chart. A daily close below the $3.00 support could spark a larger pullback.
The next major support is near the $2.780 level. It is close to the 50% Fib retracement level of the upward move from the $1.9124 swing low to the $3.6614 high. If there is a clear move below the $2.780 support, the price could slide toward the $2.580 support zone.
If the bulls fail to protect the $2.580 level, the price could test the 50-day simple moving average (blue) at $2.50. Any more losses could send the price toward the $2.320 support zone.
Another Increase?
Conversely, XRP might start a fresh increase from the $3.050 or $3.00. Immediate resistance on the upside is near the $3.30 level. The first major resistance is near the $3.350 level. A close above the $3.350 level could open the doors for another surge.
In the stated case, the price could rise toward the $3.50 level. The next resistance is near the $3.650 level, above which the price could accelerate higher toward the $3.720 resistance. Any more gains might open the doors for a move toward the $3.80 zone.
Overall, XRP price is correcting gains below the $3.50 support zone. To start a fresh surge, the price must settle above $3.350 and $3.420. If not, there could be a pullback toward the $3.00 support zone.
