XRP Price Sets Sights on New Gains: Bulls Poised for Action
XRP price is consolidating gains above the $2.320 support zone. The price is showing positive signs and might aim for a fresh increase above $2.50.
- XRP price started a downside correction from the $2.50 zone.
- The price is now trading below $2.45 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $2.380 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start a fresh increase if it stays above the $2.320 support.
XRP Price Holds Support
XRP price remained supported above the $2.30 level and extended gains, like Bitcoin and Ethereum . There was a move above the $2.45 level and the price tested $2.50 before there was a downside correction.
A low was formed at $2.32 and the price is now rising. There was a move above the $2.40 level. The price cleared the 23.6% Fib retracement level of the recent decline from the $2.507 swing high to the $2.32 low. There was a break above a connecting bearish trend line with resistance at $2.380 on the hourly chart of the XRP/USD pair.
The price is now trading below $2.45 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.45 level or the 61.8% Fib retracement level of the recent decline from the $2.507 swing high to the $2.32 low.
The first major resistance is near the $2.50 level. The next resistance is $2.55. A clear move above the $2.55 resistance might send the price toward the $2.680 resistance.
Source: XRPUSD on TradingView.comAny more gains might send the price toward the $2.720 resistance or even $2.750 in the near term. The next major hurdle for the bulls might be $2.880.
Another Decline?
If XRP fails to clear the $2.45 resistance zone, it could start another decline. Initial support on the downside is near the $2.370 level. The next major support is near the $2.320 level.
If there is a downside break and a close below the $2.320 level, the price might continue to decline toward the $2.20 support. The next major support sits near the $2.120 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 – $2.370 and $2.320.
Major Resistance Levels – $2.450 and $2.500.
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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