XRP price found support at $2.120 and started a fresh increase. The price is now gaining pace and might clear the $2.350 resistance zone.
- XRP price started a fresh increase above the $2.150 zone.
- The price is now trading above $2.150 and the 100-hourly Simple Moving Average.
- There is a steep bullish trend line forming with support at $2.30 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 $2.350 resistance.
XRP Price Eyes More Gains
XRP price remained supported above the $2.120 level and started a fresh upward wave, similar to the movements of Bitcoin and Ethereum. The price was able to surpass the $2.150 and $2.220 levels, signaling positive momentum.
The bullish trend has pushed XRP price above the $2.250 resistance zone, allowing it to test the $2.330 mark. A high was formed near this level, and the price is now consolidating gains above the 23.6% Fibonacci retracement level of the upward move from the swing low of $2.106 to the recent high of $2.330.
Currently, the price is trading above $2.250, supported by the 100-hourly Simple Moving Average. Additionally, a steep bullish trend line has been established, providing further support at the $2.30 mark on the hourly chart of the XRP/USD pair.
Looking ahead, the price may encounter resistance near the $2.330 level, with the primary obstacle being the $2.350 mark. Should XRP successfully breach this level, the next target could be around $2.420. A decisive move above $2.420 could pave the way for prices to challenge the $2.50 threshold, with further gains potentially leading to resistance at $2.550 or even $2.6350 in the near term. Ultimately, a significant hurdle for the bulls remains at $2.750.
Another Decline?
However, if XRP fails to break through the $2.350 resistance zone, it risks initiating a downward trend. The initial support lies around the $2.30 level, with subsequent major support established at $2.220.
A downside break and closing below the $2.220 level could result in a further decline towards the $2.150 support area, with the $2.120 zone representing the next critical support point.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is presently above the 50 level, indicating further bullish potential.
Major Support Levels – $2.300 and $2.250.
Major Resistance Levels – $2.330 and $2.350.
