XRP Price Takes a Breather—Consolidation Phase or Bullish Setup?
XRP price started a fresh increase above the $2.265 zone. The price is now consolidating and might aim for an upward move above the $2.30 resistance.
XRP price started a decent upward move above the $2.250 zone.
The price is now trading above $2.250 and the 100-hourly Simple Moving Average.
There is a bullish trend line forming with support at $2.2750 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might start another increase if it clears the $2.30 resistance zone.
XRP Price Consolidates Gains
XRP price formed a base and started a fresh increase from the $2.10 zone, like Bitcoin and Ethereum. There was a move above the $2.150 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 correcting some gains. There was a move below 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 $2.250 and the 100-hourly Simple Moving Average. There is also a bullish trend line forming with support at $2.2750 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $2.30 level. The first major resistance is near the $2.320 level. The next resistance is $2.350. A clear move above the $2.350 resistance might send the price toward the $2.40 resistance. Any more gains might send the price toward the $2.420 resistance or even $2.450 in the near term. The next major hurdle for the bulls might be $2.50.
Downside Break?
If XRP fails to clear the $2.30 resistance zone, it could start another decline. Initial support on the downside is near the $2.2750 level and the trend line. 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 losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $2.2750 and $2.250.
Major Resistance Levels – $2.30 and $2.320.
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