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 found support at $2.250 and started a fresh increase. The price is now correcting gains from $2.650 and testing the $2.420 support zone.
- XRP price started a fresh increase above the $2.50 zone.
- The price is now trading above $2.40 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $2.4350 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 $2.550 resistance.
XRP Price Dips To Support
XRP price remained supported above the $2.250 level and started a fresh upward wave, like Bitcoin and Ethereum. The price was able to surpass the $2.350 and $2.40 levels.
The bulls pushed the price above the $2.50 resistance zone to set the pace for more gains. Finally, it tested the $2.650 zone. A high was formed at $2.6560 before there was a pullback. The price dipped below $2.50 and the 50% Fib retracement level of the upward move from the $2.3310 swing low to the $2.6560 high.
However, the bulls are active above $2.40. The price is now trading above $2.420 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2.4350 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $2.4950 level. The first major resistance is near the $2.550 level. The next resistance is $2.600. 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 $2.7450 in the near term. The next major hurdle for the bulls might be $2.80.
Another Decline?
If XRP fails to clear the $2.550 resistance zone, it could start another decline. Initial support on the downside is near the $2.4350 level and the trend line. The next major support is near the $2.40 level.
If there is a downside break and a close below the $2.40 level, the price might continue to decline toward the $2.350 support. The next major support sits near the $2.320 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 – $2.4350 and $2.40.
Major Resistance Levels – $2.50 and $2.550.
