The price of XRP is consolidating gains above the support level of $2.320. The price is showing positive signs and may aim for new gains above $2.50.

  • The price of XRP has started to correct downward from the $2.50 area.

  • The price is currently trading below $2.45 and the 100-hour simple moving average.

  • There has been a breakout on the downward trend line connecting the resistance at $2.380 on the hourly chart of the XRP/USD pair (data source from Kraken).

  • This currency pair could start to rise again if it maintains above the support level of $2.320.

XRP Price Holds Support

The price of XRP remains supported above $2.30 and extends the gains, similar to Bitcoin and Ethereum. There was a move above $2.45 and the price tested the $2.50 level before a downward correction.

The low formed at $2.32 and the price is currently increasing. There was a move above $2.40. The price has crossed the 23.6% Fibonacci retracement level of the recent decline from a swing high of $2.507 down to a low of $2.32. There is a breakout on the downward trend line connecting the resistance at $2.380 on the hourly chart of the XRP/USD pair.

The price is currently trading below $2.45 and the 100-hour simple moving average. On the positive side, the price may face resistance near $2.45 or the 61.8% Fibonacci retracement level of the recent decline from the high of $2.507 down to the low of $2.32.

The first major resistance level is near $2.50. The next resistance level is $2.55. A clear move above the resistance at $2.55 could bring the price to the resistance level of $2.680.

Any further increase could push the price to the resistance of $2.720 or even $2.750 in the near future. The next major barrier for buyers could be $2.880.

Another Decline?

If XRP cannot break through the resistance area of $2.45, it may begin another bearish phase. Initial support at the decline is near $2.370. The next major support is near the $2.320 level.

If there is a bearish breakout and a close below $2.320, the price may continue to decline to the support level of $2.20. The next major support level is near the $2.120 area.

Technical indicators

  • MACD hourly – The MACD for XRP/USD is currently accelerating in the bullish zone.

  • RSI (Relative Strength Index) hourly – The RSI for XRP/USD is currently above 50.

  • Main support levels – $2.370 and $2.320.

  • Main resistance levels – $2.450 and $2.500.


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