Market
XRP Bulls Return—Will This Be the Breakout to $3?
XRP price is up over 5% from the $2.50 support. The price is showing positive signs and might aim for a move above the $2.820 resistance zone.
- XRP price started a fresh increase above the $2.550 level.
- The price is now trading above $2.650 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $2.620 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start a fresh increase if it clears the $2.750 resistance zone.
XRP Price Jumps Over 5%
XRP price remained supported above the $2.50 level. It formed a base and started a strong increase above the $2.55 resistance zone, outperforming Bitcoin and Ethereum.
The price cleared the $2.60 and $2.620 resistance levels. There was a break above a key bearish trend line with resistance at $2.620 on the hourly chart of the XRP/USD pair. The pair rallied above the 50% Fib retracement level of the downward move from the $2.8320 swing high to the $2.470 low.
The price is now trading above $2.650 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.750 level. It is near the 76.4% Fib retracement level of the downward move from the $2.8320 swing high to the $2.470 low.
The first major resistance is near the $2.80 level. The next resistance is $2.820. A clear move above the $2.820 resistance might send the price toward the $2.880 resistance. Any more gains might send the price toward the $2.920 resistance or even $2.950 in the near term. The next major hurdle for the bulls might be $3.00.
Another Decline?
If XRP fails to clear the $2.750 resistance zone, it could start another decline. Initial support on the downside is near the $2.650 level. The next major support is near the $2.60 level.
If there is a downside break and a close below the $2.60 level, the price might continue to decline toward the $2.550 support. The next major support sits near the $2.50 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 – $2.650 and $2.60.
Major Resistance Levels – $2.750 and $2.820.
