XRP price started a strong rise above the $2.25 front area. The price is up more than 10% and could aim to move above the $2.50 protection zone.
- XRP price started a new rise above the $2.25 zone.
- The price is now trading above $2.30 and the 100-hourly simple moving average.
- There was a break above the main bearish trend line with resistance at $2.215 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may start another rise if it clears the $2.475 resistance.
The price of XRP starts to rise again
The price of XRP started to move well above the $2.20 level, hitting Bitcoin and Ethereum. There was a move above the $2.25 and $2.30 resistance levels.
During the rally, there was a break above the main bearish trend line with resistance at $2.215 on the hourly chart of the XRP/USD pair. The pair was able to cross the 61.8% Fib level of the downward wave from the $2.64 swing high to the $1.899 low.
However, the bears are active below the $2.475 level. It coincides with the 76.4% Fib level of the downward wave from the $2.64 swing high to the $1.899 low.
The price is now trading above $2.350 and the 100-hourly simple moving average. On the upside, the price may face resistance near the $2.45 level. The first major resistance is near the $2.4750 level.
The next resistance is $2.50. A clear move above the $2.50 resistance could send the price towards the $2.550 resistance. Any further gains could push the price towards the resistance of $2.650 or even $2.720 in the long term. The next big hurdle for the bulls could be $2.880.
Another withdrawal?
If XRP fails to clear the $2.475 front area, it could start another decline. Initial support on the downside is near the $2.280 level. The next major support is near the $2.20 level.
If there is a breakdown and close below the $2.20 level, the price could continue to go down to the $2.080 support. The next major support is near the $2.00 area.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Key Support Levels – $2.280 and $2.200.
Key Resistance Levels – $2.4750 and $2.6450.
