XRP price started a fresh increase above the $2.20 resistance zone. The price is now consolidating and might aim for a move above the $2.30 resistance.
- XRP price started a fresh increase above the $2.20 zone.
- The price is now trading above $2.20 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $2.20 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start another decline if it fails to clear the $2.30 level.
XRP Price Eyes Fresh Gains
XRP price remained stable above the $2.020 support and started a decent upward move, beating Bitcoin and Ethereum. There was a move above the $0.2120 and $0.220 levels.
The bulls were able to clear the 50% Fib retracement level of the downward wave from the $2.3540 swing high to the $2.2081 low. Besides, there was a break above a key bearish trend line with resistance at $2.20 on the hourly chart of the XRP/USD pair.
The price is now trading above $2.20 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.2850 level, which coincides with the 76.4% Fib retracement level from the previous downward wave.
The first major resistance is near the $2.30 level. A clear move above this threshold could propel the price toward the $2.350 resistance. Should bullish momentum continue, the price may even reach $2.3650 or $2.3850, with $2.40 being the next significant barrier for the bulls.
Another Drop?
If XRP fails to clear the $2.30 resistance zone, it might lead to another decline. Initial support on the downside is situated around $2.220, with a key support level near $2.20.
Should there be any downside break that closes below the $2.20 level, the price might decline further toward the $2.150 support, with the next major support located near the $2.120 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 is presently above the 50 level.
Major Support Levels – $2.220 and $2.20.
Major Resistance Levels – $2.2850 and $2.30.
