The XRP price saw a few swing moves against the USD 2.85 resistance. The price is consolidating around $2.50 and could aim for more gains above the $2.65 level.
- XRP price is struggling to gain pace for a move above the USD 2.80 resistance zone.
- The price is now trading above $2.30 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $2.25 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could continue to accelerate if it overcomes the resistance at $2.72.
XRP price holds gains above $2.30
XRP price made another attempt to clear the $3.00 resistance. However, it failed to surpass $2.85 and corrected some gains, unlike Bitcoin and like Ethereum. There was a move below the USD 2.65 and USD 2.50 levels.
A low was formed at $2,276 and the price is now correcting losses. There was a move above the USD 2.40 and USD 2.50 levels. The bulls pushed the price back above the 50% Fib retracement level of the recent decline, from the $2,848 swing high to the $2,276 low.
The price is now trading above $2.30 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support at $2.25 on the hourly chart of the XRP/USD pair.
On the upside, the price could encounter resistance near the $2,620 level. The first major resistance is around the $2,720 level. It is close to the 76.4% Fib retracement level of the recent decline from the $2,848 swing high to the $2,276 low.
The next major resistance could be at USD 2,850. A clear move above the USD 2,850 resistance could send the price towards the USD 2,950 resistance. Any further gains could send the price towards the near-term resistance at $3.00 or even $3.150. The next big hurdle for the bulls could be $3.20.
Are dips limited?
If XRP fails to break the USD 2,620 resistance zone, it could trigger another decline. The initial downside support is near the $2.50 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 $2.30 support and the trendline. The next major support is near the $2,050 zone.
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 below the 50 level.
Major support levels – USD 2.5000 and USD 2.4000.
Major resistance levels – $2.6200 and $2.7200.