XRP price started a downside correction from the $2.50 zone. The price is now consolidating gains and might aim for a move above the $2.4650 resistance zone.
- XRP price started a fresh increase above the $2.425 zone.
- The price is now trading above $2.350 and the 100-hourly Simple Moving Average.
- There is a short-term 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 another increase if it clears the $2.465 resistance.
XRP Price Holds Support
XRP price started a decent upward move above the $2.35 level, like Bitcoin and Ethereum. There was a move above the $2.40 and $2.420 resistance levels.
The price even spiked above $2.50 before the bears appeared. A high was formed at $2.530 and the price is now consolidating gains. There was a minor decline below $2.4650. The price is now consolidating and trading below the 50% Fib retracement level of the downward move from the $2.53 swing high to the $2.354 low.
The price is now trading above $2.350 and the 100-hourly Simple Moving Average. There is also a short-term bullish trend line forming with support at $2.380 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $2.465 level. It is near the 61.8% Fib retracement level of the downward move from the $2.53 swing high to the $2.354 low. The first major resistance is near the $2.50 level.
The next resistance is $2.550. A clear move above the $2.550 resistance might send the price toward the $2.650 resistance. Any more gains might send the price toward the $2.720 resistance or even $2.750 in the near term. The next major hurdle for the bulls might be $2.880.
Another Drop?
If XRP fails to clear the $2.465 resistance zone, it could start another decline. Initial support on the downside is near the $2.380 level. The next major support is near the $2.350 level.
If there is a downside break and a close below the $2.350 level, the price might continue to decline toward the $2.280 support. The next major support sits near the $2.20 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 below the 50 level.
Major Support Levels – $2.380 and $2.350.
Major Resistance Levels – $2.4650 and $2.50.
This articles is written by : Fady Askharoun Samy Askharoun
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