XRP price started a new rise above $2.50. The price is now showing positive signs and could rise further if it breaks the resistance of $2.6880.
- XRP price gained pace to move above $2.50 and $2,550.
- The price is now trading above $2.50 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $2.60 on the hourly chart of the XRP/USD pair (data feed from Kraken).
- The pair could start a new rise if it breaks the resistance of USD 2.6880.
XRP Price Holds Support
XRP price started a new rise after stabilizing above $2.40, just like Bitcoin and Ethereum. The price broke through the $2.420 and $2.50 resistance levels.
The bulls were able to push the price above $2.550 and $2.65. A high was formed at $2.6972 and the price is now consolidating gains above the 23.6% Fibonacci retracement level of the recent move from the low of $2.327 to the high of $2.6972.
The price is now trading below $2.60 and the 100 hourly simple moving average. There is a bullish trend line forming with support at $2.60 on the hourly chart of the XRP/USD pair.
If there is a new bullish move, the price could face resistance near the $2,650 level. The first major resistance is near the $2.6880 level, above which the price could rise and test $2.70. A clear move above the resistance at $2.70 could send the price towards the resistance at $2.7650. Any further gains could send the price towards the resistance at $2.80. The next big hurdle for the bulls could be near $2,880.
Downward correction?
If XRP fails to break above the $2.6880 resistance zone, it could start a new decline. Initial support on the downside is near the $2.60 level. The next major support is near the $2.5650 level.
If there is a downside break and close below the $2.5650 level, the price could continue falling towards $2.5120 or the 50% retracement level of the recent move from the low $2.327 to the high $2.6972. The next major support lies near the $2.4680 area, below which the price could continue declining towards $2.420.
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.
Main support levels: $2.60 and $2.580.
Main resistance levels: $2.650 and $2.6880.
