XRP Price Gears Up: Is a Fresh Rally on the Horizon?
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XRP price started a fresh surge above the $2.50 level despite pressure on Bitcoin. The price is still showing positive signs and aiming for a fresh increase above the $2.550 resistance.
XRP price gained over 10% and rallied above the $2.50 zone.
The price is now trading above $2.450 and the 100-hourly Simple Moving Average.
There is a short-term bullish flag forming with resistance at $2.550 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might start a fresh increase if it stays above the $2.40 support.
XRP Price Remains In Uptrend Above $2.40
XRP price managed to start a fresh increase above the $2.42 and $2.45 resistance levels. The price gained over 10% and outperformed both Bitcoin and Ethereum. There was a move above the $2.50 and $2.550 levels.
The price traded as high as $2.5979 and is currently consolidating gains. There was a minor move below the $2.55 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $2.246 swing low to the $2.597 high.
The price is now trading above $2.450 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.550 level. There is also a short-term bullish flag forming with resistance at $2.550 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $2.60 level. The next resistance is $2.65. A clear move above the $2.65 resistance might send the price toward the $2.735 resistance. Any more gains might send the price toward the $2.80 resistance or even $2.8250 in the near term. The next major hurdle for the bulls might be $2.950.
Downside Correction?
If XRP fails to clear the $2.550 resistance zone, it could start another decline. Initial support on the downside is near the $2.4850 level. The next major support is near the $2.420 level and the 50% Fib retracement level of the upward move from the $2.246 swing low to the $2.597 high.
If there is a downside break and a close below the $2.420 level, the price might continue to decline toward the $2.350 support. The next major support sits near the $2.320 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 above the 50 level.
Major Support Levels – $2.4850 and $2.420.
Major Resistance Levels – $2.550 and $2.600.
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* 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.
