XRP Price Regains Traction, Can The Bulls Pump It This Time?

NewsBTC
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XRP price started a fresh increase above the $2.25 zone. The price is now consolidating and might aim for an upward move above the $2.320 resistance.

  • XRP price started a decent upward move above the $2.220 zone.

  • The price is now trading above $2.250 and the 100-hourly Simple Moving Average.

  • There is a key bullish trend line forming with support at $2.270 on the hourly chart of the XRP/USD pair (data source from Kraken).

  • The pair might start another increase if it clears the $2.320 resistance zone.

XRP Price Aims Fresh Increase

XRP price formed a base and started a fresh increase from the $2.050 zone, like Bitcoin and Ethereum. There was a move above the $2.120 and $2.20 resistance levels.

The bulls even pushed the price above the $2.25 level. Finally, the price tested the $2.320 resistance. A high was formed at $2.3294 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $2.2250 swing low to the $2.3294 high.

The price is now trading above $2.220 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2.270 on the hourly chart of the XRP/USD pair.

XRP Price

On the upside, the price might face resistance near the $2.320 level. The first major resistance is near the $2.350 level. The next resistance is $2.40. A clear move above the $2.40 resistance might send the price toward the $2.420 resistance. Any more gains might send the price toward the $2.480 resistance or even $2.50 in the near term. The next major hurdle for the bulls might be $2.550.

Are Dips Supported?

If XRP fails to clear the $2.320 resistance zone, it could start another decline. Initial support on the downside is near the $2.2750 level. The next major support is near the $2.250 level and the 76.4% Fib retracement level of the upward move from the $2.2250 swing low to the $2.3294 high.

If there is a downside break and a close below the $2.250 level, the price might continue to decline toward the $2.220 support. The next major support sits near the $2.20 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $2.2750 and $2.250.

Major Resistance Levels – $2.320 and $2.350.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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