XRP price is up over 30% and trading well above $2.20. The price is consolidating near $2.40 and might aim for more gains above the $2.50 level.
- XRP price is eyeing a fresh increase above the $2.00 resistance zone.
- The price is now trading above $2.20 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $2.08 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might continue to accelerate if it clears the $2.50 resistance.
XRP Price Starts Fresh Increase Above $2.00
XRP price remained supported near the $1.500 zone. It formed a base and recently started an upward move above $1.80, beating Bitcoin and like Ethereum. There was a move above the $2.00 and $2.20 resistance levels.
It is up over 30% and there was a move above the $2.50 level. A high is formed at $2.51 and the price is now consolidating gains. It dipped some points and tested the $2.30 level. There was a move below the 2.36% Fib retracement level of the upward move from the $1.818 swing low to the $2.510 high.
The price is now trading above $2.30 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2.08 on the hourly chart of the XRP/USD pair. The trend line is close to the 61.8% Fib retracement level of the upward move from the $1.818 swing low to the $2.510 high.
On the upside, the price might face resistance near the $2.450 level. The first major resistance is near the $2.500 level. The next key resistance could be $2.550. A clear move above the $2.550 resistance might send the price toward the $2.650 resistance. Any more gains might send the price toward the $2.80 resistance or even $2.880 in the near term. The next major hurdle for the bulls might be $3.00.
Another Pullback?
If XRP fails to clear the $2.50 resistance zone, it could start a downside correction. Initial support on the downside is near the $2.350 level. The next major support is near the $2.250 level.
If there is a downside break and a close below the $2.250 level, the price might continue to decline toward the $2.10 support. The next major support sits near the $2.00 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $2.3000 and $2.2000.
Major Resistance Levels – $2.5000 and $2.6500.
