XRP price started a fresh increase from the $2.1250 zone. The price is now rising and must clear the $2.250 resistance to gain bullish momentum.
- XRP price started a fresh increase from the $2.1250 zone.
- The price is now trading below $2.250 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance near $2.2450 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 $2.250 resistance.
XRP Price Eyes Fresh Upside Move
XRP price began a downside correction after reaching the $2.350 resistance zone, in contrast to the performance seen in Bitcoin and Ethereum. The price fell below both the $2.30 and $2.250 support levels, which led to further decline as the bears managed to drive the price below the $2.20 level. Ultimately, a low was established at $2.1250, marking the start of a new upward movement.
Following the low, XRP managed to surpass the $2.150 and $2.180 resistance levels, even breaking above the 23.6% Fibonacci retracement level of the prior downward movement from the $2.359 swing high to the $2.1250 low. As it stands, the price is presently trading below $2.250 and the 100-hourly Simple Moving Average. However, it is important to note that the price may encounter significant resistance near the $2.2450 level, which is compounded by a connecting bearish trend line on the hourly chart of the XRP/USD pair.
The first major resistance level is at $2.250, followed closely by the $2.270 level and the 61.8% Fibonacci retracement point from the previous decline. A clear breakout above the $2.270 resistance would potentially propel the price towards the next target of $2.320, with further gains possibly leading to a challenge of the $2.350 or even $2.3650 levels in the near term. In this case, the key milestone for bulls could very well become the $2.40 mark.
Dips Supported?
Conversely, should XRP fail to breach the $2.250 resistance zone, it might begin another round of declines. Initial support can be found around the $2.180 level, with the next significant support level being close to the $2.1250 mark.
If there were to be a downside break and a closure below the $2.080 level, it may induce a further descent towards the $2.050 support, with ensuing major support resting around the $2.020 zone.
Technical Indicators
- Hourly MACD – The MACD for XRP/USD is currently gaining momentum within the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now hovering near the 50 level.
- Major Support Levels – $2.180 and $2.1250.
- Major Resistance Levels – $2.250 and $2.270.
