XRP price started a fresh increase above the $2.50 level. The price is gaining ground and may rise further above the $2,880 resistance.
- XRP price gained over 5% and surpassed the $2,550 zone.
- The price is now trading above $2,550 and the 100 hourly simple moving average.
- There is a connecting bullish trend line forming with support at $2.60 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh rally if it stays above the $2.60 support.
XRP price turns green above $2.50
XRP price managed to initiate a fresh increase above the $2.42 and $2.45 resistance levels. The price gained over 5% and outperformed both Bitcoin and Ethereum. There was a move above the $2.50 and $2.50 levels.
The bulls even pushed the price above the $2.75 resistance to initiate another increase. It traded as high as $2.875 and is currently consolidating gains above the 23.6% Fibonacci retracement level of the upward move from the $2.332 low to the $2.875 high.
The price is now trading above $2,550 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support at $2.60 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $2.8750 level. The first major resistance is near the $2.92 level. The next resistance is $3.00. A clear move above the $3.00 resistance could send the price towards the $3.120 resistance. Any further gains could send the price towards the $3,200 or even $3.25 resistance in the near term. The next major hurdle for the bulls could be $3.320.
Downward correction?
If XRP fails to break out of the $2.8750 resistance zone, it may begin another decline. Initial support on the downside is near the $2,750 level. The next major support is near the $2,600 level and trend line. It is near the 50% Fib retracement level of the upward move from the $2.332 low to the $2.875 high.
If there is a downside breakout and close below the $2.60 level, the price could continue to decline towards the $2.550 support. The next major support is located near the $2.50 zone.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining ground in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major support levels: $2.750 and $2.60.
Major resistance levels: $2,875 and $3,000.