The XRP price started a new increase above the $2.50 level. The price is gaining speed and could rise further above the USD 2,880 resistance.
- The XRP price rose more than 5% and rose above the $2,550 zone.
- The price is now trading above $2,550 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $2.60 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could start a new rise if it remains above the $2.60 support.
XRP price turns green above $2.50
XRP price managed to start a new increase above the USD 2.42 and USD 2.45 resistance levels. The price rose by more than 5%, outperforming both Bitcoin and Ethereum. There was a move above the USD 2.50 and USD 2.50 levels.
The bulls even pumped the price above the USD 2.75 resistance to start a new increase. It traded as high as $2,875 and is currently consolidating gains above the 23.6% Fib retracement level of the upward move from the $2,332 swing low to the $2,875 high.
The price is now trading above $2,550 and the 100-hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $2.60 on the hourly chart of the XRP/USD pair.
On the upside, the price could encounter resistance near the $2.8750 level. The first major resistance is around the $2.92 level. The next resistance is $3.00. A clear move above the USD 3.00 resistance could send the price towards the USD 3.120 resistance. Any further gains could send the price towards the USD 3,200 or even USD 3.25 resistance in the near term. The next major hurdle for the bulls could be USD 3,320.
Disadvantage correction?
If XRP fails to break the USD 2.8750 resistance zone, it could trigger another decline. The initial downside support is near the $2,750 level. The next major support is near the $2,600 level and trendline. It is close to the 50% Fib retracement level of the upward move from the $2,332 swing low to the $2,875 high.
If there is a downside break and a close below the $2.60 level, the price could continue falling towards the $2.550 support. The next major support is near the $2.50 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 2,750 and USD 2.60.
Major resistance levels – $2,875 and $3,000.
