XRP Price Gears Up: Is a Fresh Rally on the Horizon?

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.

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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.