The XRP price started a new increase from the $2,320 zone. The price is now rising and could target a move above the USD 2.55 resistance soon.
- The XRP price started a new increase above the $2.35 zone.
- The price is now trading above $2.40 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trendline with resistance at $2.44 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could rise again if it breaks the resistance at $2,525.
XRP price regains traction
The XRP price started a decent upward move above the $2.40 level, just like Bitcoin and Ethereum. There was a move above the USD 2.45 and USD 2.50 resistance levels.
There was a break above a connecting bearish trendline with resistance at $2.44 on the hourly chart of the XRP/USD pair. The price even spiked above $2,550 before the bears appeared. A high was reached at $2.5870 and the price is now consolidating gains.
There was a small decline below $2.5250. The price fell and tested the 50% Fib retracement level of the upward move from the $2.3272 swing low to the $2.5870 high.
The price is now trading above $2.40 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance near the $2,525 level. The first major resistance is around the $2,550 level. The next resistance is $2.5850. A clear move above the USD 2.5850 resistance could send the price towards the USD 2.650 resistance.
Any further gains could send the price towards the USD 2,720 or even USD 2,750 resistance in the near term. The next major hurdle for the bulls could be $2,880.
Another drop?
If XRP fails to break the USD 2,525 resistance zone, it could trigger another decline. The initial downside support is near the $2.4550 level. The next major support is near the $2.420 level or the 61.8% Fib retracement level of the upward move from the $2.3272 swing low to the $2.5870 high.
If there is a downside break and a close below the $2,420 level, the price could continue falling towards the $2,320 support. The next major support is near the $2,250 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 2.4550 and USD 2.420.
Major resistance levels – $2.5250 and $2.5850.