XRP price started a fresh increase above the $2.50 zone. The price is now showing positive signs and might climb above the $2.62 resistance.
- XRP price started a fresh increase above the $2.50 zone.
- The price is now trading above $2.50 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $2.50 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start another increase if it stays above the $2.50 zone.
XRP Price Rallies Over 5%
XRP price started a fresh increase after it settled above the $2.40 level, like Bitcoin and Ethereum. The price was able to climb above the $2.450 resistance level.
The recent move was positive and the bulls pushed the price above the $2.50 level. A high was formed at $2.5870 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $2.250 swing low to the $2.5870 high.
The price is now trading above $2.50 and the 100-hourly Simple Moving Average. Besides, there is a key bullish trend line forming with support at $2.50 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $2.5880 level. The first major resistance is near the $2.60 level. A clear move above the $2.60 resistance might send the price toward the $2.620 resistance. Any more gains might send the price toward the $2.650 resistance or even $2.6850 in the near term. The next major hurdle for the bulls might be near the $2.750 zone.
Another Decline?
If XRP fails to clear the $2.620 resistance zone, it could start another decline. Initial support on the downside is near the $2.50 level and the trend line zone. The next major support is near the $2.450 level.
If there is a downside break and a close below the $2.450 level, the price might continue to decline toward the $2.420 support or the 50% Fib retracement level of the upward move from the $2.250 swing low to the $2.5870 high. The next major support sits near the $2.40 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 – $2.50 and $2.450.
Major Resistance Levels – $2.60 and $2.620.
This articles is written by : Fady Askharoun Samy Askharoun
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