XRP Price Steals the Spotlight: Dips Look Increasingly Attractive
XRP price started a fresh increase above the $2.50 zone. The price is now consolidating gains and might soon aim for a move above the $2.62 resistance.
- XRP price started a fresh increase above the $2.50 zone.
- The price is now trading above $2.50 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $2.53 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start another increase if it clears the $2.62 resistance.
XRP Price Pops Above $2.50
XRP price started a decent upward move above the $2.50 level, beating Bitcoin and Ethereum . There was a move above the $2.55 and $2.62 resistance levels.
The price even spiked above $2.70 before the bears appeared. A high was formed at $2.7267 and the price is now consolidating gains. There was a minor decline below $2.620. The price dipped below the 23.6% Fib retracement level of the upward move from the $2.3272 swing low to the $2.7267 high.
The price is now trading above $2.50 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2.53 on the hourly chart of the XRP/USD pair. The trend line is near the 50% Fib retracement level of the upward move from the $2.3272 swing low to the $2.7267 high.
On the upside, the price might face resistance near the $2.58 level. The first major resistance is near the $2.620 level. The next resistance is $2.720. A clear move above the $2.720 resistance might send the price toward the $2.80 resistance.
Source: XRPUSD on TradingView.comAny more gains might send the price toward the $2.920 resistance or even $3.00 in the near term. The next major hurdle for the bulls might be $3.20.
Are Dips Supported?
If XRP fails to clear the $2.620 resistance zone, it could start another decline. Initial support on the downside is near the $2.520 level and the trend line. The next major support is near the $2.440 level.
If there is a downside break and a close below the $2.440 level, the price might continue to decline toward the $2.350 support. The next major support sits near the $2.250 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $2.520 and $2.440.
Major Resistance Levels – $2.620 and $2.720.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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