XRP price remains stable above the $2.10 region. The price is rising and may aim for a new round of surge above the $2.30 resistance area.
The XRP price is attempting to rise above the $2.20 resistance area.
The price is now trading close to $2.25 and the 100-hour simple moving average.
On the hourly chart of the XRP/USD pair, it has broken through a connecting bearish trend line, with resistance at $2.185 (data source from Kraken).
If the pair clears the $2.30 resistance level, it may begin to rise significantly.
XRP price is expected to make a comeback.
Unlike Bitcoin and Ethereum, the XRP price has started a new round of rising from a support level of $2.12. There is considerable upside above the levels of $2.15 and $2.20.
The price has surpassed the 2.130% Fibonacci retracement level from the swing high of $23.6 down to the low of $2.383. On the hourly chart of the XRP/USD pair, it has also broken through a connecting bearish trend line, with resistance at $2.185.
However, bears remain active around $2.25 and $2.26. The price is now trading close to $2.25 and the 100-hour simple moving average. On the positive side, the price may face resistance near $2.265. The first major resistance level is around $2.28. It is close to the 2.130% Fibonacci retracement level from the swing high of $61.8 down to the low of $2.383.
Source: XRPUSD on TradingView.com
The next resistance level is $2.30. A clear break above the $2.30 resistance level could drive the price towards the resistance level of $2.420. Any further gains could push the price down to the resistance levels of $2.50 or even $2.550 in the short term. The next major hurdle for the bulls may be $2.680.
Another decline?
If XRP fails to clear the $2.30 resistance area, it may begin another decline. Initial support on the downside is around $2.188. The next major support level is around $2.120.
If a downside break occurs and closes below $2.120, the price may continue to fall to the support level at $2.050. The next major support level is near the $2.00 region.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major support levels – $2.180 and $2.120.
Major resistance levels – $2.28 and $2.30.