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XRP price is consolidating gains above the $2.350 support zone. The price is showing positive signs and might aim for a fresh increase above $2.4650.
- XRP price is struggling to gain pace for a move above the $2.50 zone.
- The price is now trading below $2.435 and the 100-hourly Simple Moving Average.
- There is a short-term rising channel forming with support at $2.385 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 $2.320 support.
XRP Price Holds Support
XRP price remained above the $2.320 level but failed to start a fresh increase like Bitcoin and Ethereum. The price struggled to clear the $2.50 resistance and remained below $2.45.
The last swing low was formed at $2.32 and the price is now consolidating. There was a move above the $2.40 level. The price cleared the 50% Fib retracement level of the recent decline from the $2.507 swing high to the $2.32 low.
The price is now trading below $2.435 and the 100-hourly Simple Moving Average. There is also a short-term rising channel forming with support at $2.385 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $2.465 level or the 76.4% short-term rising channel forming with support at $2.385 on the hourly chart of the XRP/USD pair. The first major resistance is near the $2.50 level. The next resistance is $2.55.
A clear move above the $2.55 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 Decline?
If XRP fails to clear the $2.435 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 $2.320 level.
If there is a downside break and a close below the $2.320 level, the price might continue to decline toward the $2.20 support. The next major support sits near the $2.120 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 $2.320.
Major Resistance Levels – $2.4650 and $2.500.
