XRP price started a fresh increase above the $2.050 resistance. The price is now consolidating and must settle above $2.20 for more gains.
- XRP price started a fresh increase above the $1.980 and $2.050 levels.
- The price is now trading above $2.080 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $2.10 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might extend gains if there is a close above the $2.20 resistance zone.
XRP Price Eyes Fresh Gains
XRP price managed to stay above the $1.880 support zone and started a fresh increase, like Bitcoin and Ethereum. The price climbed above the $1.980 and $2.00 resistance levels.
A high was formed at $2.24 and the price recently started a downside correction. There was a move below the $2.120 support zone. The price dipped below the 23.6% Fib retracement level of the upward move from the $1.920 swing low to the $2.244 high.
However, the bulls were active near the $2.080 support. The price is now trading above $2.100 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2.10 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $2.1680 level. The first major resistance is near the $2.20 level. The next resistance is $2.250.
A clear move above the $2.250 resistance might send the price toward the $2.320 resistance. Any more gains might send the price toward the $2.450 resistance or even $2.50 in the near term. The next major hurdle for the bulls might be $2.550.
Another Decline?
If XRP fails to clear the $2.20 resistance zone, it could start another decline. Initial support on the downside is near the $2.10 level and the trend line. The next major support is near the $2.080 level and the 50% Fib retracement level of the upward move from the $1.920 swing low to the $2.244 high.
If there is a downside break and a close below the $2.080 level, the price might continue to decline toward the $2.00 support. The next major support sits near the $1.920 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 – $2.100 and $2.080.
Major Resistance Levels – $2.20 and $2.250.
