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XRP price started a steady increase above $2.150. The price is now consolidating gains and might aim for another increase if it clears $2.250.
- XRP price started a fresh increase above the $2.20 zone.
- The price is now trading above $2.180 and the 100-hourly Simple Moving Average.
- There is a bullish trend line forming with support at $2.170 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move up if it clears $2.250.
XRP Price Eyes More Gains
XRP price started a decent upward move above $2.050 and $2.080, beating Bitcoin and Ethereum. The price gained pace for a clear move above the $2.150 resistance.
The bulls even pumped the price above the $2.20 barrier. A high was formed at $2.286 and the price started a short-term downside correction. There was a move toward the 23.6% Fib retracement level of the upward move from the $1.817 swing low to the $2.286 high.
The price is now trading above $2.180 and the 100-hourly Simple Moving Average. Besides, there is a bullish trend line forming with support at $2.170 on the hourly chart of the XRP/USD pair.
If there is a fresh upward move, the price might face resistance near the $2.250 level. The first major resistance is near the $2.280 level, above which the price could rise and test $2.320. A clear move above the $2.320 resistance might send the price toward the $2.420 resistance. Any more gains might send the price toward the $2.450 resistance. The next major hurdle for the bulls might be near $2.50.
Another Drop?
If XRP fails to clear the $2.250 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.170 level and the trend line. The next major support is near the $2.120 level.
If there is a downside break and a close below the $2.120 level, the price might continue to decline toward $2.050 and the 50% Fib retracement level of the upward move from the $1.817 swing low to the $2.286 high. The next major support sits near the $2.00 zone, below which the price could continue lower toward $1.9250.
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 – $2.170 and $2.120.
Major Resistance Levels – $2.250 and $2.320.
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