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XRP price started a fresh increase from the $2.1250 zone. The price is now rising and must clear the $2.250 resistance to gain bullish momentum.
- XRP price started a fresh increase from the $2.1250 zone.
- The price is now trading below $2.250 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance near $2.2450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start another increase if there is a close above the $2.250 resistance.
XRP Price Eyes Fresh Upside Move
XRP price started a downside correction from the $2.350 resistance zone, unlike Bitcoin and Ethereum. The price dipped below the $2.30 and $2.250 support levels.
The bears even pushed the price below the $2.20 level. A low was formed at $2.1250 and the price is again rising. There was a move above the $2.150 and $2.180 resistance levels. The price surpassed the 23.6% Fib retracement level of the downward move from the $2.359 swing high to the $2.1250 low.
The price is now trading below $2.250 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.2450 level. There is also a connecting bearish trend line forming with resistance near $2.2450 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $2.250 level. The next resistance is $2.270 and the 61.8% Fib retracement level of the downward move from the $2.359 swing high to the $2.1250 low.
A clear move above the $2.270 resistance might send the price toward the $2.320 resistance. Any more gains might send the price toward the $2.350 resistance or even $2.3650 in the near term. The next major hurdle for the bulls might be $2.40.
Dips Supported?
If XRP fails to clear the $2.250 resistance zone, it could start another decline. Initial support on the downside is near the $2.180 level. The next major support is near the $2.1250 level.
If there is a downside break and a close below the $2.080 level, the price might continue to decline toward the $2.050 support. The next major support sits near the $2.020 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 near the 50 level.
Major Support Levels – $2.180 and $2.1250.
Major Resistance Levels – $2.250 and $2.270.
