XRP price started a fresh increase above the $2.450 level despite pressure on Bitcoin. The price is still showing positive signs and could clear the $2.550 resistance.
XRP price gained over 4% and rallied above the $2.450 zone.
The price is now trading above $2.4650 and the 100-hourly Simple Moving Average.
There was a break above a connecting bearish trend line with resistance at $2.50 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 $2.420 support.
XRP Price Eyes More Gains $2.50
XRP price managed to start a fresh increase above the $2.40 and $2.42 resistance levels. The price gained over 4% and outperformed both Bitcoin and Ethereum. There was a move above the $2.45 and $2.480 levels.
The price climbed above the 50% Fib retracement level of the downward move from the $2.597 swing high to the $2.332 low. There was also a break above a connecting bearish trend line with resistance at $2.50 on the hourly chart of the XRP/USD pair.
The price is now trading above $2.4650 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.550 level or the 76.4% Fib retracement level of the downward move from the $2.597 swing high to the $2.332 low.
The first major resistance is near the $2.60 level. The next resistance is $2.620. A clear move above the $2.620 resistance might send the price toward the $2.650 resistance. Any more gains might send the price toward the $2.720 resistance or even $2.7350 in the near term. The next major hurdle for the bulls might be $2.80.
Downside Correction?
If XRP fails to clear the $2.60 resistance zone, it could start another decline. Initial support on the downside is near the $2.480 level. The next major support is near the $2.420 level.
If there is a downside break and a close below the $2.420 level, the price might continue to decline toward the $2.350 support. The next major support sits near the $2.320 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 – $2.480 and $2.420.
Major Resistance Levels – $2.550 and $2.600.
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
