XRP price has initiated a fresh recovery wave, rising above the $2.00 threshold. Current indicators suggest a positive trend, with potential for a breakthrough above the $2.250 resistance zone.
- XRP price has successfully begun a recovery wave, surpassing the $2.120 resistance level.
- The current trading price is above $2.150 and remains above the 100-hourly Simple Moving Average.
- A short-term bullish trend line is in formation with support at $2.188, as seen on the hourly XRP/USD chart (data source from Kraken).
- If XRP can overcome resistance at $2.250, it may continue its upward trajectory.
XRP Price Eyes Upside Break
The XRP price has shown resilience, beginning a recovery wave from the $1.90 level, similar to trends observed in Bitcoin and Ethereum. The asset has cleared multiple resistance levels, including $2.00 and $2.050.
Recently, XRP surpassed the $2.120 resistance and has moved above the 50% Fibonacci retracement level of the downward movement from the $2.365 swing high to the $1.90 low. However, bears have emerged near the $2.250 resistance level.
The asset currently trades above $2.150 and is comfortably positioned above the 100-hourly Simple Moving Average. Additionally, a bullish trend line is forming with support at $2.188 on the hourly chart of the XRP/USD pair.
On the upward front, the price may encounter resistance in the vicinity of $2.250, which aligns with the 76.4% Fibonacci retracement level of the decline from the $2.365 swing high to the $1.90 low. The primary resistance level remains at around $2.3650.
Should price action continue favorably, the next resistance level to watch is $2.450. A decisive move past this resistance could propel the price toward the $2.50 mark. Additional gains could see XRP testing resistance levels of $2.550 or even $2.650 shortly thereafter, with a significant hurdle for bulls sitting at $2.80.
Potential for Decline?
Conversely, if XRP fails to breach the $2.250 resistance zone, a drop may ensue. Initial support on the downside is located near the $2.188 level, consistent with the trend line’s support. The subsequent primary support level is identified near the $2.120 mark.
In the event of a breakdown and a closure below the $2.120 level, XRP could face a further decline toward the $2.050 support level, with additional support found around the $2.00 zone.
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 remains above the 50 level, indicating a positive trend.
Major Support Levels – The significant support levels are $2.180 and $2.120.
Major Resistance Levels – Key resistance levels are present at $2.250 and $2.350.
