XRP price has risen more than 30%, trading well above $2.20. The price is consolidating around $2.40 and may be poised to break above the $2.50 level.
XRP price is expected to break through the resistance area of $2.00.
The current price is above $2.20 and the 100-hour simple moving average.
A connecting bullish trend line has formed on the hourly chart of XRP/USD, with support at $2.08 (data from Kraken).
If the resistance level of $2.50 is broken, the currency pair may continue to accelerate upward.
XRP price begins to rise above $2.00
XRP price maintains support near the $1.500 area. It has formed a base and recently started rising to above $1.80, surpassing Bitcoin and Ethereum. It has broken through the resistance levels of $2.00 and $2.20.
The price has risen more than 30% and has surpassed the $2.50 level. The price has formed a high point at $2.51 and is currently consolidating the gains. The price has dropped a few points and tested the $2.30 level. The price has broken below the 2.36% Fibonacci retracement level of the upward trend from the swing low at $1.818 to the high at $2.510.
The price is currently trading above $2.30 and the 100-hour simple moving average. A connecting bullish trend line has also formed on the hourly chart of XRP/USD, with support at $2.08. This trend line is close to the 61.8% Fibonacci retracement level of the upward trend from the swing low at $1.818 to the high at $2.510.
On the upside, the price may face resistance near $2.450. The first major resistance level is around $2.500. The next key resistance level could be $2.550. If the price clearly breaks above the $2.550 resistance level, it may drop towards the $2.650 resistance level. If the price continues to rise, it may drop towards the $2.80 resistance level in the short term, and even $2.880. The next major hurdle for the bulls may be $3.00.
Another pullback?
If XRP fails to break through the resistance area of $2.50, it may begin a downward correction. The initial support level on the downside is around $2.350. The next major support level is around $2.250.
If a downward breakout occurs and closes below $2.250, the price may continue to fall to the support level of $2.10. The next major support level is near the $2.00 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 - $2.3000 and $2.2000.
Major resistance levels - $2.5000 and $2.6500.
