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XRP price is moving higher from the $2.40 support zone. The price is showing positive signs and might gain bullish momentum above $2.60.
- XRP price started a decent upward move from the $2.400 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 $2.40 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start a fresh increase if it clears the $2.60 resistance zone.
XRP Price Gains Traction
XRP price managed to stay above the $2.40 support and remained in a positive zone, unlike Bitcoin and Ethereum. A base was formed, and the price started a decent upward move above the $2.42 and $2.45 levels.
The price surpassed the first key barrier at $2.50. It tested the next hurdle at $2.60. A high was formed at $2.603 and the price is now consolidating gains. There was a minor move below $2.55. The price dipped below the 23.6% Fib retracement level of the upward move from the $2.417 swing low to the $2.603 high.
The current price action is positive. There is also a key bullish trend line forming with support at $2.40 on the hourly chart of the XRP/USD pair.
The price is now trading above $2.540 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.580 level. The first major resistance is near the $2.60 level. The next resistance is $2.720. A clear move above the $2.720 resistance might send the price toward the $2.80 resistance.
Any more gains might send the price toward the $2.840 resistance or even $2.920 in the near term. The next major hurdle for the bulls might be $3.00.
Another Decline?
If XRP fails to clear the $2.60 resistance zone, it could start another decline. Initial support on the downside is near the $2.48 level or the 61.8% Fib retracement level of the upward move from the $2.417 swing low to the $2.603 high. The next major support is near the $2.420 level and the trend line.
If there is a downside break and a close below the $2.420 level, the price might continue to decline toward the $2.320 support. The next major support sits near the $2.20 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 – $2.480 and $2.420.
Major Resistance Levels – $2.60 and $2.720.
