Market
XRP Price Reclaims Momentum: Is a Bigger Rally Ahead?
XRP price started a fresh increase from the $2.320 zone. The price is now rising and might soon aim for a move above the $2.55 resistance.
- XRP price started a fresh increase above the $2.35 zone.
- The price is now trading above $2.40 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $2.44 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start another increase if it clears the $2.525 resistance.
XRP Price Regains Traction
XRP price started a decent upward move above the $2.40 level, like Bitcoin and Ethereum. There was a move above the $2.45 and $2.50 resistance levels.
There was a break above a connecting bearish trend line with resistance at $2.44 on the hourly chart of the XRP/USD pair. The price even spiked above $2.550 before the bears appeared. A high was formed at $2.5870 and the price is now consolidating gains.
There was a minor decline below $2.5250. The price dipped and tested the 50% Fib retracement level of the upward move from the $2.3272 swing low to the $2.5870 high.
The price is now trading above $2.40 and the 100-hourly Simple Moving Average. On the upside, the price might 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 might send the price toward the $2.650 resistance.
Any more gains might send the price toward the $2.720 resistance or even $2.750 in the near term. The next major hurdle for the bulls might be $2.880.
Another Drop?
If XRP fails to clear the $2.525 resistance zone, it could start another decline. Initial support on the downside is near the $2.4550 level. The next major support is near the $2.420 level or the 61.8% Fib retracement level of the upward move from the $2.3272 swing low to the $2.5870 high.
If there is a downside break and a close below the $2.420 level, the price might continue to decline toward the $2.320 support. The next major support sits near the $2.250 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 – $2.4550 and $2.420.
Major Resistance Levels – $2.5250 and $2.5850.
