XRP price started a decent increase above $2.420. The price is now consolidating and might aim for more gains above the $2.580 level.
- XRP price stayed above $2.40 and started a decent increase.
- The price is now trading above $2.50 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $2.256 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move up if it clears $2.580.
XRP Price Gains Traction
XRP price started a decent upward move above $2.320 and $2.350, like Bitcoin and Ethereum. The price gained pace for a clear move above the $2.420 resistance.
The pair even surpassed the $2.50 barrier. A high was formed at $2.580 and the price started a consolidation phase above the 23.6% Fib retracement level of the upward move from the $2.240 swing low to the $2.580 high. Besides, there is a short-term contracting triangle forming with resistance at $2.256 on the hourly chart of the XRP/USD pair.
The price is now trading above $2.50 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.560 level. The first major resistance is near the $2.580 level, above which the price could rise and test $2.550.
A clear move above the $2.650 resistance might send the price toward the $2.7320 resistance. Any more gains might send the price toward the $2.7680 resistance. The next major hurdle for the bulls might be near $2.80.
Another Decline?
If XRP fails to clear the $2.580 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.50 level. The next major support is near the $2.420 level or the 50% Fib retracement level of the upward move from the $2.240 swing low to the $2.580 high.
If there is a downside break and a close below the $2.420 level, the price might continue to decline toward $2.350. The next major support sits near the $2.320 zone, below which the price could continue lower toward $2.250.
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 – $2.50 and $2.420.
Major Resistance Levels – $2.560 and $2.580.
