XRP Price Surge Hits Its Target: Are The Dips a Buying Opportunity?

XRP rallied over 15% and surpassed the $3.00 resistance zone. The price is consolidating gains and might remain attractive on dips.

XRP Price Gains Strength

In the last technical analysis, we discussed how XRP could start a major surge if it stays above the $2.00 support. The bulls did remain active and were able to clear a few key hurdles at $2.30. There was a clear move above a major bullish flag with resistance at $2.450 on the daily chart.

It opened the doors for a sharp increase above the $2.50 level. The price gained over 25% in a few days, outperforming both Bitcoin and Ethereum. There was a clear move above the $2.85 and $3.00 resistance levels. Finally, it tested the $3.20 zone.

XRP price is now consolidating gains above the $3.00 level and is well above the 50-day simple moving average (blue). The current price action is positive, and it seems like the bulls are still active above the $2.85 level.

Immediate resistance sits near the $3.120 level. The next key resistance sits near the $3.20 level. A close above the $3.120 and $3.20 resistance levels could set the pace for a larger increase.

In the stated case, the price could rally and test the $3.450 resistance. The next major resistance is near the $3.50 level. The main resistance could be near the $3.6250 level. A convincing move and close above the $3.6250 resistance zone could send the price toward the $3.850 level.

Any more gains might open the doors for a test of $4.00. The next major pivot zone is $4.20, above which the price could surge and test $5.00.

Are Pullbacks Attractive?

Conversely, XRP price might struggle to surge above the $3.20 resistance and start a pullback. Immediate support is near the $3.00 level. The first major support is $2.90 and the 23.6% Fib retracement level of the upward move from the $2.00 swing low to the $3.20 high.

A downside break below the $2.90 support might call for a drop toward the $2.60 support and the 50% Fib retracement level of the upward move from the $2.00 swing low to the $3.20 high.

The main support sits at $2.40 and the 50-day simple moving average (blue). A daily close below the $2.40 support could spark more losses. In the stated case, the price might decline and test the $2.20 support zone.

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