XRP price is moving higher from the $2.320 support zone. The price must clear the $2.50 and $2.52 levels to start a fresh increase in the near term.
- XRP price started a decent upward move from the $2.320 zone.
- The price is now trading above $2.420 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support 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 clears the $2.50 resistance zone.
XRP Price Holds Support
XRP price managed to stay above the $2.32 support and avoided more losses, like Bitcoin and Ethereum. A base was formed, and the price started a decent upward move above the $2.35 and $2.40 levels.
The price surpassed the 50% Fib retracement level of the downward move from the $2.5241 swing high to the $2.3353 low. The current price action is positive, and the price is now trading near the $2.50 resistance zone. There is also a key bullish trend line forming with support at $2.380 on the hourly chart of the XRP/USD pair.
The price is now trading above $2.420 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.480 level or the 76.4% Fib retracement level of the downward move from the $2.5241 swing high to the $2.3353 low.
The first major resistance is near the $2.50 level. The next resistance is $2.520. A clear move above the $2.520 resistance might send the price toward the $2.60 resistance. Any more gains might send the price toward the $2.650 resistance or even $2.720 in the near term. The next major hurdle for the bulls might be $2.80.
Another Decline?
If XRP fails to clear the $2.50 resistance zone, it could start another decline. Initial support on the downside is near the $2.420 level. The next major support is near the $2.380 level and the trend line.
If there is a downside break and a close below the $2.380 level, the price might continue to decline toward the $2.320 support. The next major support sits near the $2.20 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 – $2.420 and $2.380.
Major Resistance Levels – $2.50 and $2.520.