XRP Price Consolidates Above $2.95, Eyes Breakout at $3.12
XRP price is consolidating above key support at $2.950 and trading above its 100-hour Simple Moving Average, forming a rising channel on the hourly chart. After climbing past $2.920 and $3.00 resistance levels, XRP price faced sellers near the $3.120 high of $3.126. A successful breakout above $3.120 could drive XRP price toward $3.150, $3.20 and potentially $3.25. On the downside, immediate support sits at $2.990, with major support at $2.950 and $2.920 (61.8% Fib retracement). The hourly MACD is bullish and the RSI is above 50, suggesting strength remains intact. Traders will watch the $3.120 resistance for a clear signal of further upside potential.
Bullish
The article highlights that XRP price is holding above the $2.950 support and trading above its 100-hour SMA, with bullish hourly MACD and RSI above 50. The formation of a rising channel and a clear breakout above the $3.120 resistance have historically led to further rallies in XRP price, suggesting strong bullish momentum. In the short term, traders will watch for moves toward $3.150 and $3.20. In the longer term, maintaining above key support levels could sustain an upward trend, making this news bullish for market confidence and trading activity.