XRP price is consolidating above the key support level of $2.320 and is displaying positive signals, potentially setting the stage for a surge above $2.50.
After reaching the $2.50 range, XRP price experienced a corrective dip.
Currently, the price is trading under $2.45 as well as the 100-hourly Simple Moving Average.
On the hourly chart of the XRP/USD pair from Kraken, a bearish trend line was breached with resistance at $2.380.
If XRP maintains above the $2.320 support, there is a possibility of a fresh uptrend.
XRP Price Steady Above Support
XRP price remains firm above $2.30 and has continued its upward momentum, mirroring the positive movements of Bitcoin and Ethereum. Following a rise above $2.45, the price tested $2.50 before undergoing a pullback.
After hitting a low at $2.32, the price is now climbing higher and broke above $2.40. Furthermore, the price surpassed the 23.6% Fibonacci retracement level from the recent decline, reaching from the $2.507 high to the $2.32 low. Additionally, a bearish trend line with resistance at $2.380 was overcome.
Despite currently trading beneath $2.45 and the 100-hourly Simple Moving Average, potential resistance levels lie near $2.45 and the 61.8% Fib retracement level. The primary resistance remains at $2.50, followed by $2.55 and a further move could target $2.680.
Continued upwards momentum may drive the price towards $2.720 and potentially $2.750 in the short term, with the primary hurdle for bulls lying at $2.880.
Possible Downtrend?
If XRP fails to breach the $2.45 resistance barrier, it could enter another downtrend. Initial support is near $2.370, followed by a major support at $2.320.
A break below $2.320 could lead to a further decline towards $2.20, with significant support around $2.120.
Analysis of Technical Indicators
Hourly MACD – The MACD for XRP/USD shows a rising trend in the bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is above 50, indicating a bullish trend.
Key Support Levels – $2.370 and $2.320.
Key Resistance Levels – $2.450 and $2.500.
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