XRP price started a new rally from the $2.320 zone. The price is currently rising and could soon aim to move above the $2.55 resistance.
XRP price has started a new rally above the $2.35 zone. The price is currently trading above $2.40 and the 100-hour simple moving average. On the hourly chart of the XRP/USD pair (data source: Kraken), it broke above the connecting bearish trend line with resistance at $2.44. If the pair clears the resistance at $2.525, the pair could start to move higher.
XRP price regains momentum
XRP price has started a decent rise above the $2.40 level, similar to Bitcoin and Ethereum. There was a move above the $2.45 and $2.50 resistance levels.
On the hourly chart of the XRP/USD pair, the pair broke above the bearish trend line connected to the resistance level at $2.44. The price soared above $2.550 before the bears emerged. A high was formed at $2.5870 and the price is currently consolidating its upside.
It fell slightly below $2.5250. Price fell and tested the bullish 50% Fib retracement level from the swing low of $2.3272 to the high of $2.5870.
The price is currently trading above $2.40 and the 100-hour simple moving average. On the upside, the price may face resistance near the $2.525 level. The first major resistance level is near the $2.550 level. The next resistance level is $2.5850. A clear break above the $2.5850 resistance could send the price heading toward the $2.650 resistance.
Any further gains could send the price heading towards the $2.720 resistance level or even $2.750 in the near term. The next major hurdle for the bulls could be $2.880.
Another drop?
If XRP fails to break out of the $2.525 resistance zone, further decline could begin. Downside support is near $2.4550. The next major support is near the $2.420 level, or the 61.8% Fib retracement level of the swing low of $2.3272 to the high of $2.5870.
If there is a downside break and it closes below the $2.420 level, the price may continue to fall towards the support at $2.320. The next major support is near the $2.250 zone.
technical indicators
Hourly MACD – The XRP/USD MACD is currently pacing in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
Major support levels – $2.4550 and $2.420.
Key resistance levels – $2.5250 and $2.5850.
