XRP price started a fresh increase above the $2.120 resistance. The price is now consolidating and must settle above $2.1680 for more gains.
- XRP price started a fresh increase above the $2.00 and $2.10 levels.
- The price is now trading above $2.10 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $2.120 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might extend gains if there is a close above the $2.1680 resistance zone.
XRP Price Eyes Fresh Gains
XRP price managed to stay above the $1.920 support zone and started a fresh increase, similar to Bitcoin and Ethereum. The price climbed above the $2.00 and $2.020 resistance levels.
A high was formed at $2.244, and the price recently started a downside correction, moving below the $2.10 support zone. The price dipped below $2.020 and tested the 50% Fib retracement level of the upward move from the $1.920 swing low to the $2.244 high.
Fortunately, the price has remained well-supported near the $2.080 level. It is currently trading above $2.100 and the 100-hourly Simple Moving Average, with a bullish trend line connecting support at $2.120 on the hourly chart of the XRP/USD pair.
On the upside, potential resistance is expected around the $2.1680 level, followed by the key resistance at $2.20. The subsequent resistance is pegged at $2.240.
A clear move above the $2.240 resistance might push the price towards $2.320. Should further gains materialize, XRP could reach the $2.450 or even $2.50 mark in the near term. The next significant hurdle for bulls is anticipated at $2.550.
Will There Be Another Decline?
If XRP is unable to breach the $2.1680 resistance zone, another decline may commence. Initial support on the downside is seen near the $2.120 level and the trend line, with the next critical support at $2.080.
A downside break and a close below the $2.080 territory may lead prices to decline towards the support around $2.050, aligning with the 61.8% Fib retracement level of the upward move from the $1.920 swing low to the $2.244 high. The key support level remains at the $1.920 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 mark, indicating positive market sentiment.
Major Support Levels – $2.1200 and $2.080.
Major Resistance Levels – $2.1680 and $2.200.
