XRP price remained in a positive zone above the $2.40 zone. The price is consolidating and could aim for another rise above the USD 2.60 level.
- XRP price started a downward correction from the USD 2.65 resistance zone.
- The price is now trading above $2.40 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $2.45 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could rise again if it breaks the USD 2,550 resistance.
XRP price provides important support
XRP price started to rise again above the $2.40 resistance zone like Bitcoin and Ethereum. There was a move above the USD 2.50 and USD 2.55 levels.
However, the bears were active around $2.65. A high was formed at $2.64 and the price started a downward correction. There was a move below the USD 2.55 and USD 5.20 levels. The price fell below the 23.6% Fib retracement level of the upward move from the $2,165 swing low to the $2,645 high.
The price is now trading above $2.40 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support at $2.45 on the hourly chart of the XRP/USD pair. The trendline is close to the 50% Fib retracement level of the upward move from the $2,165 swing low to the $2,645 high.
On the upside, the price could encounter resistance near the USD 2.50 level. The first major resistance is around the $2,550 level. The next resistance is at $2,650. A clear move above the USD 2,650 resistance could send the price towards the USD 2,750 resistance.
Any further gains could send the price towards the USD 2,850 resistance or even USD 2,920 in the near term. The next big hurdle for the bulls could be $3.00.
Lose more?
If XRP fails to break the USD 2,550 resistance zone, it could trigger another decline. The initial downside support is near the $2,450 level. The next major support is near the $2.40 level.
If there is a downside break and a close below the $2.40 level, the price could continue falling towards the $2.280 support. The next major support is near the $2,150 zone.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major support levels – USD 2.4000 and USD 2.3500.
Major resistance levels – $2.5000 and $2.6500.