XRP price started a fresh increase above the $2.450 level despite pressure on Bitcoin. The price is still showing positive signs and could clear the $2.550 resistance.
- XRP price gained over 4% and rallied above the $2.450 zone.
- The price is now trading above $2.4650 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $2.50 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start a fresh increase if it stays above the $2.420 support.
XRP Price Eyes More Gains $2.50
XRP price managed to start a fresh increase above the $2.40 and $2.42 resistance levels. The price gained over 4% and outperformed both Bitcoin and Ethereum. There was a move above the $2.45 and $2.480 levels.
The price climbed above the 50% Fib retracement level of the downward move from the $2.597 swing high to the $2.332 low. There was also a break above a connecting bearish trend line with resistance at $2.50 on the hourly chart of the XRP/USD pair.
The price is now trading above $2.4650 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.550 level or the 76.4% Fib retracement level of the downward move from the $2.597 swing high to the $2.332 low.
The first major resistance is near the $2.60 level. The next resistance is $2.620. A clear move above the $2.620 resistance might send the price toward the $2.650 resistance. Any more gains might send the price toward the $2.720 resistance or even $2.7350 in the near term. The next major hurdle for the bulls might be $2.80.
Downside Correction?
If XRP fails to clear the $2.60 resistance zone, it could start another decline. Initial support on the downside is near the $2.480 level. The next major support is near the $2.420 level.
If there is a downside break and a close below the $2.420 level, the price might continue to decline toward the $2.350 support. The next major support sits near the $2.320 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $2.480 and $2.420.
Major Resistance Levels – $2.550 and $2.600.
