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XRP price remained in a positive zone above the $2.40 zone. The price is consolidating and might aim for a fresh increase above the $2.60 level.
- XRP price started a downside correction from the $2.65 resistance zone.
- The price is now trading above $2.40 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $2.45 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start another increase if it clears the $2.550 resistance.
XRP Price Holds Key Support
XRP price started another increase above the $2.40 resistance zone like Bitcoin and Ethereum. There was a move above the $2.50 and $2.55 levels.
However, the bears were active near $2.65. A high was formed at $2.64 and the price started a downside correction. There was a move below the $2.55 and $5.20 levels. The price dipped 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 key bullish trend line forming with support at $2.45 on the hourly chart of the XRP/USD pair. The trend line 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 might face resistance near the $2.50 level. The first major resistance is near the $2.550 level. The next resistance is at $2.650. A clear move above the $2.650 resistance might send the price toward the $2.750 resistance.
Any more gains might send the price toward the $2.850 resistance or even $2.920 in the near term. The next major hurdle for the bulls might be $3.00.
More Losses?
If XRP fails to clear the $2.550 resistance zone, it could start another decline. Initial support on the downside 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 might continue to decline toward the $2.280 support. The next major support sits near the $2.150 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $2.4000 and $2.3500.
Major Resistance Levels – $2.5000 and $2.6500.
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