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XRP price found support at $2.420 and started a fresh increase. The price is now correcting gains from $2.60 and might aim for another increase.
- XRP price started a fresh increase above the $2.50 zone.
- The price is now trading above $2.50 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $2.510 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 $2.60 resistance.
XRP Price Regains Traction
XRP price remained supported above the $2.40 level and started a fresh upward wave, like Bitcoin and Ethereum. The price was able to surpass the $2.50 and $2.550 levels.
The bulls pushed the price above the $2.580 resistance zone to set the pace for more gains. Finally, it tested the $2.60 zone. A high was formed at $2.6050 before there was a pullback. The price dipped below $2.5650 and the 23.6% Fib retracement level of the upward move from the $2.4220 swing low to the $2.6050 high.
The price is now trading above $2.50 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2.510 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $2.60 level. The first major resistance is near the $2.650 level. The next resistance is $2.720. A clear move above the $2.720 resistance might send the price toward the $2.80 resistance. Any more gains might send the price toward the $2.850 resistance or even $2.880 in the near term. The next major hurdle for the bulls might be $2.950.
Downside Correction?
If XRP fails to clear the $2.60 resistance zone, it could start another decline. Initial support on the downside is near the $2.510 level and the trend line. The next major support is near the $2.492 level and the 61.8% Fib retracement level of the upward move from the $2.4220 swing low to the $2.6050 high.
If there is a downside break and a close below the $2.4920 level, the price might continue to decline toward the $2.450 support. The next major support sits near the $2.420 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 – $2.510 and $2.4920.
Major Resistance Levels – $2.60 and $2.650.
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