XRP price started a fresh increase from the $1.920 zone. The price is back above $2.10 and might struggle to continue higher above the $2.20 zone.
- XRP price started a fresh increase above the $2.050 zone.
- The price is now trading above $2.10 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $2.00 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start a fresh increase if there is a close above the $2.180 resistance zone.
XRP Price Eyes More Gains
XRP price remained supported above the $1.920 zone and started a fresh increase, like Bitcoin and Ethereum. The price recovered above the $2.00 and $2.020 resistance levels.
Besides, there was a break above a key bearish trend line with resistance at $2.00 on the hourly chart of the XRP/USD pair. The pair even cleared the $2.10 resistance and $2.150 hurdle. However, the bears were active below $2.20.
A high was formed at $2.170 and the price is now consolidating above the 23.6% Fib retracement level of the upward move from the $1.910 swing low to the $2.170 high.
The price is now trading above $2.10 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.1650 level. The first major resistance is near the $2.180 level. The next resistance is $2.20. A clear move above the $2.20 resistance might send the price toward the $2.250 resistance.
Any more gains might send the price toward the $2.300 resistance or even $2.320 in the near term. The next major hurdle for the bulls might be $2.50.
Another Drop?
If XRP fails to clear the $2.180 resistance zone, it could start another decline. Initial support on the downside is near the $2.0880 level. The next major support is near the $2.050 level or the 50% Fib retracement level of the upward move from the $1.910 swing low to the $2.170 high.
If there is a downside break and a close below the $2.050 level, the price might continue to decline toward the $2.00 support. The next major support sits near the $1.920 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $2.050 and $2.00.
Major Resistance Levels – $2.180 and $2.20.