XRP price started a consolidation phase above the $2.40 zone. The price is now rising and might aim for an upside break above $2.50.
- XRP price started a decent increase above the $2.40 zone.
- The price is now trading above $2.420 and the 100-hourly Simple Moving Average.
- There was a break above a key rising channel with resistance at $2.450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start another increase if it clears the $2.480 resistance.
XRP Price Eyes More Gains
XRP price remained supported above the $0.2320 level and started a fresh increase, following Bitcoin and Ethereum. There was a move above the $0.2350 and $0.2365 resistance levels.
The price even surpassed the $0.240 resistance. There was a break above a key rising channel with resistance at $2.450 on the hourly chart of the XRP/USD pair. The bulls pushed the price toward the $0.250 level. A high was formed at $0.2479 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $2.3360 swing low to the $2.4796 high.
The price is now trading above $2.40 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.480 level. The first major resistance is near the $2.50 level.
The next resistance is $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 $2.720 resistance or even $2.750 in the near term. The next major hurdle for the bulls might be $2.80.
Are Dips Limited?
If XRP fails to clear the $2.50 resistance zone, it could start another decline. Initial support on the downside is near the $2.450 level. The next major support is near the $2.40 level and the 50% Fib retracement level of the upward move from the $2.3360 swing low to the $2.4796 high.
If there is a downside break and a close below the $2.40 level, the price might continue to decline toward the $2.350 support. The next major support sits near the $2.3250 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 – $2.450 and $2.420.
Major Resistance Levels – $2.480 and $2.50.
