- XRP’s price shows steady gains but remains in a consolidation phase after a sharp rise.
- Technical indicators signal cautious optimism, with important support near $3.22.
- Traders watch for momentum signals, including MACD crossover and RSI climbing above 65.
XRP is currently trading at $3.27, up 7.49% in the last 24 hours, and up 9.40% over the past week. The movement reflects a big rally starting mid-July, when XRP soared from around $2.70 to above $3.30. The rally has been followed by a consolidation, during which the prices stabilize prior to the subsequent potential movement.
The averages indicate a positive sentiment. The price is above the 50-day exponential moving average (EMA), valued at approximately $2.63, indicating medium-term bullishness. The immediate shorter 9-period double EMA (DEMA) valued at around $3.16 constitutes immediate support, suggesting buying interest around the current levels.
The 200-day EMA remains significantly lower, near $2.37, to assert that the long-term trend remains positive. Generally, these averages indicate the buyers dominate but need to keep an eye out for potential corrections to these zones of support.
Also Read: XRP Eyes Breakout as SWIFT Replacement Grows: $3.68 Target in Sight
XRP Shows Strength Above Support With Bullish Signs
Fibonacci retracement extensions provide a chart of potential future resistance if the rally perseveres. Key levels are the 1.618 extension at $4.23, 2.618 at $5.17, and 3.618 at $6.11. Those would be potential spots for traders to take profits or encounter selling pressure. XRP is currently below those targets but is remaining above key support.
RSI is 61.66, showing moderate bullish pressure. The RSI has come back from below 50, implying the buyers were back in charge after a temporary halt, but it is not yet overbought, so there is potential for further upward movements.
There is a small bearish crossover for the MACD, with the MACD line being slightly lower than the signal line. Although histogram bars remain negative, they continue to decrease, showing bearish momentum is fading away. The setup could spark a bullish crossover sometime soon if the buying pressure strengthens.
Support at $3.22 Critical to Maintaining Uptrend
Analyst CasiTrades points out XRP is challenging important support around $3.22, near the .382 Fibonacci retracement level and an important backtest level. The level is solid multi-level support and a pivot level for the price structure.
This latest retreat back towards this area could look steep but could be a short squeeze intended to shed weak owners and catch short sellers prior to a new breakout.
This support is vital for keeping the bullish structure intact. If XRP holds above $3.22, confidence in the uptrend will strengthen. Traders should look for a MACD bullish crossover and an RSI rise above 65 as confirmation of renewed momentum. A break above $3.32 to $4.23 would further validate the continuation of the upward move.
Also Read: XRP Network Utility Spike Started Rally Toward $3.40
