XRP price started a fresh increase above the $2.250 zone. The price is now consolidating near the $2.30 zone and might aim for a fresh increase.
- XRP price started a fresh increase above the $2.280 zone.
- The price is now trading above $2.250 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line with support at $2.270 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start another increase unless there is a close below the $2.2450 support.
XRP Price Eyes More Gains
XRP price commenced a significant upward movement, surpassing resistance levels of $2.20 and $2.220, mirroring trends seen in both Bitcoin and Ethereum. The price climbed above the $2.250 and $2.30 thresholds, establishing a robust upward trajectory.
A peak has been noted at $2.359, followed by a corrective phase that saw the price drop below the critical levels of $2.320 and $2.30. This decline moved beneath the 50% Fibonacci retracement level relative to the ascent from the swing low of $2.2195 to the high of $2.359.
Notably, XRP price has maintained support around the $2.250 area, closely correlating with the 76.4% Fibonacci retracement of the aforementioned upward move.
The current trading situation sees XRP above $2.250 and the 100-hourly Simple Moving Average, supported by a bullish trend line with a notable point of support at $2.270 on the hourly XRP/USD chart. However, the price may encounter resistance around the $2.3150 mark.
The key resistance levels to watch are positioned at $2.350 and $2.420. A clear breakout beyond these levels could propel XRP toward even higher targets, potentially reaching the $2.450 and $2.50 marks in the near future, with $2.620 being a significant barrier for bullish momentum.
Dips Supported?
Should XRP fail to breach the $2.3150 resistance zone, the possibility of another downward movement increases. Initial support appears to lie near the $2.270 mark, with vital support beyond that at the $2.250 level.
If a breakdown occurs, closing prices below the $2.250 threshold may trigger further declines toward the $2.220 support zone, followed by the major support situated around $2.20.
Technical Indicators
Hourly MACD – The MACD for XRP/USD shows a strengthening bullish trend.
Hourly RSI (Relative Strength Index) – The current RSI for XRP/USD is above the 50 mark, indicating bullish momentum.
Major Support Levels – $2.270 and $2.250.
Major Resistance Levels – $2.3150 and $2.350.
