XRP price started a consolidation phase above the $2.250 zone. The price is now rising and might aim for an upside break above $2.350.
- XRP price started a decent increase above the $2.30 zone.
- The price is now trading below $2.350 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $2.30 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start another increase if it clears the $2.380 resistance.
XRP Price Eyes Fresh Gains
XRP price started a downside correction below the $2.420 level, following Bitcoin and Ethereum. There was a move below the $2.350 and $2.30 levels. However, the bulls were active near the $2.650 level.
A low was formed at $2.2670 and the price is now recovering. The price even surpassed the $2.300 resistance. There was a break above a connecting bearish trend line with resistance at $2.30 on the hourly chart of the XRP/USD pair.
The pair even surpassed the 23.6% Fib retracement level of the downward move from the $2.4767 swing high to the $2.2670 low. The price is now trading below $2.40 and the 100-hourly Simple Moving Average.
On the upside, the price might face resistance near the $2.380 level. It is close to the 50% Fib retracement level of the downward move from the $2.4767 swing high to the $2.2670 low. The first major resistance is near the $2.40 level. The next resistance is $2.420.
A clear move above the $2.420 resistance might send the price toward the $2.480 resistance. Any more gains might send the price toward the $2.550 resistance or even $2.5650 in the near term. The next major hurdle for the bulls might be $2.650.
Another Decline?
If XRP fails to clear the $2.380 resistance zone, it could start another decline. Initial support on the downside is near the $2.320 level. The next major support is near the $2.30 level.
If there is a downside break and a close below the $2.30 level, the price might continue to decline toward the $2.2650 support. The next major support sits near the $2.250 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 – $2.320 and $2.30.
Major Resistance Levels – $2.380 and $2.420.
