XRP price started a decent increase above $2.420. The price is now consolidating and might aim for another increase if it stays above the $2.350 level.
- XRP price started a downside correction and tested the $2.320 zone.
- The price is now trading near $2.420 and the 100-hourly Simple Moving Average.
- There is a bearish trend line forming with resistance at $2.430 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move up if it clears $2.50.
XRP Price Eyes Additional Gains
XRP price started a downside correction from the $2.580 zone, like Bitcoin and Ethereum. The price dipped below the $2.550 and $2.50 levels to enter a consolidation phase.
The price even dipped below the 50% Fib retracement level of the upward move from the $2.240 swing low to the $2.580 high. However, the bulls remained active above the $2.320 support. It is now rising and trading above $2.40.
The price is now trading near $2.420 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.430 level. There is also a bearish trend line forming with resistance at $2.430 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $2.450 level, above which the price could rise and test $2.50. A clear move above the $2.50 resistance might send the price toward the $2.580 resistance. Any more gains might send the price toward the $2.650 resistance. The next major hurdle for the bulls might be near $2.720.
Another Decline?
If XRP fails to clear the $2.450 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.3420 level. The next major support is near the $2.320 level and the 76.4% Fib retracement level of the upward move from the $2.240 swing low to the $2.580 high.
If there is a downside break and a close below the $2.320 level, the price might continue to decline toward $2.250. The next major support sits near the $2.20 zone, below which the price could continue lower toward $2.120.
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 – $2.3420 and $2.320.
Major Resistance Levels – $2.450 and $2.50.
