The XRP price started a new rise above $2.50. The price is now showing positive signs and could rise further if the USD 2.6880 resistance is cleared.
- The XRP price increased at a pace, rising above USD 2.50 and USD 2.550.
- The price is now trading above $2.50 and the 100-hourly Simple Moving Average.
- A 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 clears the resistance at $2.6880.
XRP price holds support
The XRP price started to rise again after breaking above $2.40, along with Bitcoin and Ethereum. The price surpassed the USD 2,420 and USD 2.50 resistance levels.
The bulls managed to push the price above $2,550 and $2.65. A high was reached at $2.6972 and the price is now consolidating gains above the 23.6% Fib retracement level from the recent move from the $2.327 swing low to the $2.6972 high.
The price is now trading below $2.60 and the 100-hourly Simple Moving Average. A bullish trendline is forming with support at $2.60 on the hourly chart of the XRP/USD pair.
If a new upward move occurs, the price may encounter resistance near the $2,650 level. The first major resistance is near the USD 2.6880 level, above which the price could rise and test USD 2.70. A clear move above the USD 2.70 resistance could send the price towards the USD 2.7650 resistance. Any further gains could send the price towards the USD 2.80 resistance. The next major hurdle for the bulls could be near $2,880.
Disadvantage correction?
If XRP fails to break the USD 2.6880 resistance zone, it could trigger another decline. The initial downside support is near the $2.60 level. The next major support is near the $2.5650 level.
If there is a downside break and a close below the $2.5650 level, the price could continue falling towards $2.5120 or the 50% Fib retracement level from the recent move from the $2.327 swing low to the $2.6972 high. The next major support is near the $2.4680 zone, below which the price could fall further towards $2.420.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major support levels – USD 2.60 and USD 2.580.
Major resistance levels – $2,650 and $2,6880.