XRP price remained stable above the $2.10 zone. The price is moving higher and could aim for another rise above the USD 2.30 resistance zone.
- XRP price is attempting a fresh rise above the USD 2.20 resistance zone.
- The price is now trading near $2.25 and the 100-hour Simple Moving Average.
- There was a break above a connecting bearish trendline with resistance at $2,185 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could start a significant climb if it breaks the $2.30 resistance.
XRP price sees a comeback
XRP price started to rise again from the $2.12 support level, unlike Bitcoin and Ethereum. There was a decent increase above the USD 2.15 and USD 2.20 levels.
The price surpassed the 23.6% Fib retracement level of the downward move from the $2,383 swing high to the $2,130 low. There was also a break above a connecting bearish trendline with resistance at $2,185 on the hourly chart of the XRP/USD pair.
However, the bears were active around the USD 2.25 and USD 2.26 levels. The price is now trading near $2.25 and the 100-hour Simple Moving Average. On the upside, the price could encounter resistance near the $2,265 level. The first major resistance is around the $2.28 level. It is close to the 61.8% Fib retracement level of the downward move from the $2,383 swing high to the $2,130 low.
The next resistance is $2.30. A clear move above the USD 2.30 resistance could send the price towards the USD 2.420 resistance. Any further gains could send the price towards the near-term resistance at $2.50 or even $2.550. The next major hurdle for the bulls could be $2,680.
Another drop?
If XRP fails to break the USD 2.30 resistance zone, it could trigger another decline. The initial downside support is near the $2,188 level. The next major support is near the $2,120 level.
If there is a downside break and a close below the $2,120 level, the price could continue falling towards the $2,050 support. The next major support is near the $2.00 zone.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major support levels – USD 2,180 and USD 2,120.
Major resistance levels – $2.28 and $2.30.