XRP price is up more than 50% and is trading well above USD 2.50. The price is consolidating near USD 2.70 and it could rise further above USD 2.80.
XRP price is expected to break the USD 2.80 resistance area.
The price is currently above $2.50 and the 100 hourly simple moving average.
There is a short term contracting triangle forming with resistance at $2.72 on the hourly chart of the XRP/USD pair (data source: Kraken).
The pair could continue to accelerate higher if it breaks above the $2.75 resistance.
XRP price continues to rise, surpasses $2.50
The XRP price accelerated upwards after stabilizing above $2.00. It broke through several barriers near $2.25, outperforming Bitcoin and Ethereum. It has broken through the resistance levels of $2.50 and $2.65.
The price has risen over 50% and has broken through the $2.80 level. The price formed a high at $2.869 and is currently consolidating the gain. The price has dropped a few points and is testing the level of $2.70. The price has broken below the 2.36% Fibonacci retracement level from the swing low of $2.190 to the swing high of $2.869.
The current price is trading above $2.50 and the 100-hour simple moving average. On the upside, the price may face resistance around $2.720.
The first major resistance level is near $2.750. The next key resistance level may be $2.850. If the price clearly breaks through the resistance level of $2.850, it may drop towards the resistance level of $2.960. If the price continues to rise, it may drop towards the resistance level of $3.00 in the short term, or even $3.120. The next major obstacle for bulls may be $3.20.
Is there support for the decline?
If XRP fails to break through the resistance area of $2.720, it may begin a downward correction. The initial support level on the downside is around $2.650. The next major support level is around $2.520, which is the 50% Fibonacci retracement level of the upward move from the swing low of $2.190 to the swing high of $2.869.
If a downward breakout occurs and closes below $2.520, the price may continue to decline to the support level at $2.450. The next major support level is around the $2.30 area.
Technical Indicators
Hourly MACD - The MACD for XRP/USD is currently accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) - The RSI for XRP/USD is now above the 50 level.
Major support levels - $2.5200 and $2.4500.
Major resistance levels - $2.7200 and $2.8500.