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XRP price found support at $2.250 and started a fresh increase. The price is now correcting gains from $2.650 and testing the $2.420 support zone.
- XRP price started a fresh increase above the $2.50 zone.
- The price is now trading above $2.40 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $2.4350 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start another increase if there is a close above the $2.550 resistance.
XRP Price Dips To Support
XRP price remained supported above the $2.250 level and started a fresh upward wave, like Bitcoin and Ethereum. The price was able to surpass the $2.350 and $2.40 levels.
The bulls pushed the price above the $2.50 resistance zone to set the pace for more gains. Finally, it tested the $2.650 zone. A high was formed at $2.6560 before there was a pullback. The price dipped below $2.50 and the 50% Fib retracement level of the upward move from the $2.3310 swing low to the $2.6560 high.
However, the bulls are active above $2.40. The price is now trading above $2.420 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2.4350 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $2.4950 level. The first major resistance is near the $2.550 level. The next resistance is $2.600. A clear move above the $2.60 resistance might send the price toward the $2.650 resistance. Any more gains might send the price toward the $2.720 resistance or even $2.7450 in the near term. The next major hurdle for the bulls might be $2.80.
Another Decline?
If XRP fails to clear the $2.550 resistance zone, it could start another decline. Initial support on the downside is near the $2.4350 level and the trend line. The next major support is near the $2.40 level.
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 $2.320 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $2.4350 and $2.40.
Major Resistance Levels – $2.50 and $2.550.
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