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XRP price started a fresh increase above the $2.20 resistance zone. The price is now consolidating and might aim for a move above $2.30 resistance.
- XRP price started a fresh increase above the $2.20 zone.
- The price is now trading above $2.20 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $2.20 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start another decline if it fails to clear the $2.30 level.
XRP Price Eyes Fresh Gains
XRP price remained stable above the $2.020 support and started a decent upward move, beating Bitcoin and Ethereum. There was a move above the $0.2120 and $0.220 levels.
The bulls were able to clear the 50% Fib retracement level of the downward wave from the $2.3540 swing high to the $2.2081 low. Besides, there was a break above a key bearish trend line with resistance at $2.20 on the hourly chart of the XRP/USD pair.
The price is now trading above $2.20 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.2850 level. It is near the 76.4% Fib retracement level of the downward wave from the $2.3540 swing high to the $2.2081 low.
The first major resistance is near the $2.30 level. The next resistance is $2.320. A clear move above the $2.320 resistance might send the price toward the $2.350 resistance. Any more gains might send the price toward the $2.3650 resistance or even $2.3850 in the near term. The next major hurdle for the bulls might be $2.40.
Another Drop?
If XRP fails to clear the $2.30 resistance zone, it could start another decline. Initial support on the downside is near the $2.220 level. The next major support is near the $2.20 level.
If there is a downside break and a close below the $2.20 level, the price might continue to decline toward the $2.150 support. The next major support sits near the $2.120 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 – $2.220 and $2.20.
Major Resistance Levels – $2.2850 and $2.30.
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