The price of XRP began a new rise from the $2,320 zone. The price is now rising and may soon target breaking the $2.55 resistance.
- The XRP price began a new rise above the $2.35 zone.
- The price is currently trading above $2.40 and the 100-hour simple moving average.
- On the hourly chart, XRP/USD broke above the bearish trendline connector with resistance at $2.44 (data source from Kraken).
- The pair could start a new rise if it breaks through the $2.525 resistance.
XRP price is gaining momentum again
XRP price has started a decent upward move above the $2.40 level, similar to Bitcoin and Ethereum. There was a move above the resistance levels of $2.45 and $2.50.
On the hourly chart of the XRP/USD pair, there was a breakout of the bearish trend connecting line with resistance at $2.44. The price even climbed above $2,550 before the bears showed up. The maximum was formed at $2.5870, and now the price is consolidating growth.
There was a slight decline below $2.5250. The price fell and tested the 50% Fibonacci retracement level of the upward move from the swing low of $2.3272 to the high of $2.5870.
The price is currently trading above $2.40 and the 100-hour simple moving average. On the other hand, the price may face resistance near the $2.525 level. The first major resistance is near the $2,550 level. The next resistance is $2.5850. A clear move above the $2.5850 resistance could send the price towards the $2.650 resistance.
Any further rise could take the price towards the resistance at $2.720 or even $2.750 in the near future. The next major hurdle for the bulls could be $2,880.
One more drop?
If XRP fails to break through the $2,525 resistance zone, it could begin another decline. Initial downside support is near the $2.4550 level. The next major support is near the $2.420 level or the 61.8% Fibonacci retracement level of the upward move from the $2.3272 swing low to $2.5870 swing high.
If there is a downside breakout and close below the $2,420 level, the price may continue to decline towards the $2,320 support. The next major support is near the $2,250 zone.
Technical indicators
Hourly MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
The main support levels are $2.4550 and $2.420.
The main resistance levels are $2.5250 and $2.5850.
