XRP price is consolidating gains above the $2.60 zone. The price must clear the $2.720 resistance to start a fresh increase in the near term.
- XRP price started a decent upward move above the $2.60 zone.
- The price is now trading below $2.70 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trend line with support at $2.6880 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start a fresh increase if it clears the $2.720 resistance zone.
XRP Price Trim Gains
XRP price managed to stay above the $2.50 support and remained in a positive zone, unlike Bitcoin and Ethereum. A base was formed, and the price started a decent upward move above the $2.60 and $2.70 levels.
The price even climbed above the $2.80 level before the bears appeared. A high was formed at $2.8322 and the price is now correcting gains. There was a minor move below $2.72. The price dipped below the 23.6% Fib retracement level of the upward wave from the $2.330 swing low to the $2.830 swing high.
There was also a break below a key bullish trend line with support at $2.6880 on the hourly chart of the XRP/USD pair. The price is now trading below $2.70 and the 100-hourly Simple Moving Average.
On the upside, the price might face resistance near the $2.700 level. The first major resistance is near the $2.720 level. The next resistance is $2.80. A clear move above the $2.80 resistance might send the price toward the $2.840 resistance.
Any more gains might send the price toward the $2.920 resistance or even $3.00 in the near term. The next major hurdle for the bulls might be $3.050.
More Losses?
If XRP fails to clear the $2.720 resistance zone, it could start another decline. Initial support on the downside is near the $2.60 level or the 50% Fib retracement level of the upward wave from the $2.330 swing low to the $2.830 swing high. The next major support is near the $2.5820 level.
If there is a downside break and a close below the $2.5820 level, the price might continue to decline toward the $2.550 support. The next major support sits near the $2.50 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $2.60 and $2.5820.
Major Resistance Levels – $2.720 and $2.800.
