XRP price started a strong rise above the USD 2.25 resistance zone. The price is up over 10% and could target a move above the $2.50 resistance zone.
- The XRP price started a new increase above the $2.25 zone.
- The price is now trading above $2.30 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $2,215 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could rise again if it breaks the resistance at $2,475.
XRP Price Begins New Rise
The XRP price started a decent upward move above the $2.20 level, beating Bitcoin and Ethereum. There was a move above the USD 2.25 and USD 2.30 resistance levels.
During the rise, there was a break above a key bearish trendline with resistance at $2,215 on the hourly chart of the XRP/USD pair. The pair was able to surpass the 61.8% Fib retracement level of the downward wave from the $2.64 swing high to the $1,899 low.
However, the bears are active below the USD 2.475 level. It coincides with the 76.4% Fib retracement level of the downward wave from the $2.64 swing high to the $1,899 low.
The price is now trading above $2,350 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 2.45 level. The first major resistance is around the $2.4750 level.
The next resistance is $2.50. A clear move above the USD 2.50 resistance could send the price towards the USD 2.550 resistance. Any further gains could send the price towards the USD 2,650 or even USD 2,720 resistance in the near term. The next major hurdle for the bulls could be $2,880.
Another withdrawal?
If XRP fails to break the USD 2,475 resistance zone, it could trigger another decline. The initial downside support is near the $2,280 level. The next major support is near the $2.20 level.
If there is a downside break and a close below the $2.20 level, the price could continue falling towards the $2.080 support. The next major support is near the $2.00 zone.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major support levels – USD 2,280 and USD 2,200.
Major resistance levels – $2.4750 and $2.6450.