XRP price started a new rise from the $2.320 zone. The price is now rising and could target a move higher than the $2.55 resistance in the near future.
- XRP price started a new rise above the $2.35 zone.
- The price is now trading above $2.40 and the 100-hourly simple moving average.
- There was a break above the associated bearish trend line with resistance at $2.44 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may start another uptrend if it clears the $2.525 resistance.
XRP price is regaining traction
The price of XRP started to move well above the $2.40 level, as Bitcoin and Ethereum. There was a move above the $2.45 and $2.50 resistance levels.
There was a break above the associated bearish trend line with resistance at $2.44 on the hourly chart of the XRP/USD pair. The price was even higher than $2.550 before the bears appeared. A high was formed at $2.5870 and the price is now consolidating gains.
There was a slight decline below $2.5250. The price went down and tested the 50% Fib level of the move up from the $2.3272 swing low to the $2.5870 high.
The price is now trading above $2.40 and the 100-hourly simple moving average. On the upside, the price may face resistance near the $2.525 level. The first major resistance is near the $2.550 level. The next resistance is $2.5850. A clear move above the $2.5850 resistance could send the price towards the $2.650 resistance.
Any further gains could push the price towards the resistance of $2.720 or even $2.750 in the long term. The next big hurdle for the bulls may be $2.880.
Another drop?
If XRP fails to clear the $2.525 front area, it could start another decline. Initial support on the downside is near the $2.4550 level. The next major support is near the $2.420 level or the 61.8% Fib level of the move up from the $2.3272 swing low to the $2.5870 high.
If there is a breakdown and close below the $2.420 level, the price could continue to go down to the $2.320 support. The next major support is near the $2.250 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 – $2.4550 and $2.420.
Key Resistance Levels – $2.5250 and $2.5850.
