XRP Bulls Ready to Charge—Upside Break May Spark Rally

Aayush Jindal

4 months ago

2 mins read

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XRP price started a fresh recovery wave above the $2.00 zone. The price is now showing positive signs and might clear the $2.250 resistance zone.

XRP price started a fresh recovery wave above the $2.120 resistance zone.
The price is now trading above $2.150 and the 100-hourly Simple Moving Average.
There is a short-term bullish trend line forming with support at $2.188 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might continue to move up if it clears the $2.250 resistance zone.

XRP Price Eyes Upside Break

XRP price remained supported and started a recovery wave from the $1.90 zone, like Bitcoin and Ethereum. The price was able to clear the $2.00 and $2.050 resistance levels.

There was a move above the $2.120 resistance. The price surpassed the 50% Fib retracement level of the downward wave from the $2.365 swing high to the $1.90 low. However, the bears are now active near the $2.250 resistance zone.

The price is now trading above $2.150 and the 100-hourly Simple Moving Average. There is also a short-term bullish trend line forming with support at $2.188 on the hourly chart of the XRP/USD pair.

On the upside, the price might face resistance near the $2.250 level. It is near the 76.4% Fib retracement level of the downward wave from the $2.365 swing high to the $1.90 low. The first major resistance is near the $2.3650 level.

XRP Price — Source: XRPUSD on TradingView.com

The next resistance is $2.450. A clear move above the $2.450 resistance might send the price toward the $2.50 resistance. Any more gains might send the price toward the $2.550 resistance or even $2.650 in the near term. The next major hurdle for the bulls might be $2.80.

Another Decline?

If XRP fails to clear the $2.250 resistance zone, it could start another decline. Initial support on the downside is near the $2.1880 level and the trend line. The next major support is near the $2.120 level.

If there is a downside break and a close below the $2.120 level, the price might continue to decline toward the $2.050 support. The next major support sits near the $2.00 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 – $2.180 and $2.120.

Major Resistance Levels – $2.250 and $2.350.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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