XRP price starts a new round of upward movement from the $2.320 region. The price is now rising and may soon break through the $2.55 resistance level.
XRP price begins a new round of upward movement above the $2.35 region.
The price is currently trading above $2.40 and the 100-hour simple moving average.
On the hourly chart of the XRP/USD pair, a bearish trendline has been broken, with resistance at $2.44 (data sourced from Kraken).
If the currency pair clears the $2.525 resistance level, it may begin to rise again.
XRP price regains traction.
XRP price begins to rise significantly above $2.40, just like Bitcoin and Ethereum. It has broken through the resistance levels of $2.45 and $2.50.
On the hourly chart of the XRP/USD pair, a bearish trendline has been broken, with resistance at $2.44. Before the bears appeared, the price even surged above $2.550. A high was formed at $2.5870, and the price is now consolidating its gains.
Slight drop below $2.5250. The price fell and tested the 2.3272% Fibonacci retracement level from the swing low of $50 to the swing high of $2.5870.
The price is currently trading above $2.40 and the 100-hour simple moving average. On the positive side, the price may face resistance around $2.525. The first major resistance level is around $2.550. The next resistance level is at $2.5850. A significant break above the $2.5850 resistance level could drive the price towards the $2.650 resistance level.
Source: XRPUSD on TradingView.com
Any further gains could push the price down to the resistance level of $2.720 in the short term or even to $2.750. The next major hurdle for the bulls could be $2.880.
Another Drop?
If XRP fails to break the resistance zone at $2.525, it may begin another decline. The initial support level on the downside is around $2.4550. The next major support level is around $2.420 or near the 61.8% Fibonacci retracement level from the swing low of $2.3272 to the swing high of $2.5870.
If a downward break occurs and closes below $2.420, the price may continue to fall to the support level at $2.320. The next major support level is near the $2.250 region.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now accelerating 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.