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 $2.420 and started a fresh increase. The price is now correcting gains from $2.60 and might aim for another increase.
- XRP price started a fresh increase above the $2.50 zone.
- The price is now trading above $2.50 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $2.510 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 $2.60 resistance.
XRP Price Regains Traction
XRP price remained supported above the $2.40 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 $2.580 resistance zone to set the pace for more gains. Finally, it tested the $2.60 zone. A high was formed at $2.6050 before there was a pullback. The price dipped below $2.5650 and the 23.6% Fib retracement level of the upward move from the $2.4220 swing low to the $2.6050 high.
The price is now trading above $2.50 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2.510 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $2.60 level. The first major resistance is near the $2.650 level. The next resistance is $2.720. A clear move above the $2.720 resistance might send the price toward the $2.80 resistance. Any more gains might send the price toward the $2.850 resistance or even $2.880 in the near term. The next major hurdle for the bulls might be $2.950.
Downside Correction?
If XRP fails to clear the $2.60 resistance zone, it could start another decline. Initial support on the downside is near the $2.510 level and the trend line. The next major support is near the $2.492 level and the 61.8% Fib retracement level of the upward move from the $2.4220 swing low to the $2.6050 high.
If there is a downside break and a close below the $2.4920 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 gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $2.510 and $2.4920.
Major Resistance Levels – $2.60 and $2.650.
