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 extended gains above the $2.60 zone. The price is now correcting gains from $2.65 and might find bids near the $2.480 zone.
- XRP price started a fresh increase above the $2.550 zone.
- The price is now trading above $2.50 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trend line with support at $2.550 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start another increase if it stays above the $2.480 support.
XRP Price Corrects Some Gains
XRP price remained supported above the $2.420 level and started a fresh upward wave, like Bitcoin and Ethereum. The price was able to surpass the $2.50 and $2.550 levels.
The bulls pushed the price above the $2.60 resistance zone. Finally, it tested the $2.650 zone. A high was formed at $2.650 before there was a pullback. The price dipped below $2.550 and the 50% Fib retracement level of the upward move from the $2.4220 swing low to the $2.650 high.
Besides, there was a break below a key bullish trend line with support at $2.550 on the hourly chart of the XRP/USD pair. The price is now trading above $2.50 and the 100-hourly Simple Moving Average.
On the upside, the price might face resistance near the $2.550 level. The first major resistance is near the $2.580 level. The next resistance is $2.60. A clear move above the $2.60 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.
More Losses?
If XRP fails to clear the $2.580 resistance zone, it could start another decline. Initial support on the downside is near the $2.510 level and the 61.8% Fib retracement level of the upward move from the $2.4220 swing low to the $2.650 high. The next major support is near the $2.480 level.
If there is a downside break and a close below the $2.480 level, the price might continue to decline toward the $2.450 support. The next major support sits near the $2.420 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 – $2.510 and $2.480.
Major Resistance Levels – $2.60 and $2.650.
