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XRP price started a fresh increase above the $2.50 resistance. The price is up over 30% and now faces resistance near the $3.00 barrier.
- XRP price started a fresh increase above the $2.50 level.
- The price is now trading above $2.750 and the 100-hourly Simple Moving Average.
- There is a connecting 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 continue to move up if there is a clear move above the $3.00 resistance zone.
XRP Price Rises Steadily
XRP price extended losses toward the $2.00 level before the bulls appeared, like Bitcoin and Ethereum. The price formed a base and started a fresh increase above the $2.20 level.
The price surged above the $2.50 and $2.65 levels. It even surged above $2.80 and tested $3.00. A high was formed at $3.00 and the price is now consolidating gains. It traded toward the 23.6% Fib retracement level of the upward move from the $1.95 swing low to the $3.00 high.
The price is now trading above $2.75 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2.40 on the hourly chart of the XRP/USD pair. On the upside, the price might face resistance near the $2.90 level. The first major resistance is near the $3.00 level.
The next resistance is $3.20. A clear move above the $3.20 resistance might send the price toward the $3.350 resistance. Any more gains might send the price toward the $3.420 resistance or even $3.450 in the near term. The next major hurdle for the bulls might be $3.50.
Are Dips Limited?
If XRP fails to clear the $3.00 resistance zone, it could start another decline. Initial support on the downside is near the $2.750 level. The next major support is near the $2.620 level.
If there is a downside break and a close below the $2.62 level, the price might continue to decline toward the $2.50 support. The next major support sits near the $2.40 zone and the trend line.
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 above the 50 level.
Major Support Levels – $2.750 and $2.620.
Major Resistance Levels – $2.950 and $3.00.
