Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
XRP price started a fresh increase above the $2.120 resistance. The price is now consolidating and must settle above $2.1680 for more gains.
- XRP price started a fresh increase above the $2.00 and $2.10 levels.
- The price is now trading above $2.10 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $2.120 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might extend gains if there is a close above the $2.1680 resistance zone.
XRP Price Eyes Fresh Gains
XRP price managed to stay above the $1.920 support zone and started a fresh increase, like Bitcoin and Ethereum. The price climbed above the $2.00 and $2.020 resistance levels.
A high was formed at $2.244 and the price recently started a downside correction. There was a move below the $2.10 support zone. The price dipped below $2.020 and tested the 50% Fib retracement level of the upward move from the $1.920 swing low to the $2.244 high.
It seems like the price remained well-bid near the $2.080 support. The price is now trading above $2.100 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2.120 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $2.1680 level. The first major resistance is near the $2.20 level. The next resistance is $2.240.
A clear move above the $2.240 resistance might send the price toward the $2.320 resistance. Any more gains might send the price toward the $2.450 resistance or even $2.50 in the near term. The next major hurdle for the bulls might be $2.550.
Another Decline?
If XRP fails to clear the $2.1680 resistance zone, it could start another decline. Initial support on the downside is near the $2.120 level and the trend line. The next major support is near the $2.080 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 and the 61.8% Fib retracement level of the upward move from the $1.920 swing low to the $2.244 high. The next major support sits near the $1.920 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 above the 50 level.
Major Support Levels – $2.1200 and $2.080.
Major Resistance Levels – $2.1680 and $2.200.
