XRP Price Finds Stability—Can It Turn Higher from Here?

NewsBTC
Updated
Mitrade
coverImg
Source: DepositPhotos

XRP price is moving higher from the $2.320 support zone. The price must clear the $2.50 and $2.52 levels to start a fresh increase in the near term.


  • XRP price started a decent upward move from the $2.320 zone.

  • The price is now trading above $2.420 and the 100-hourly Simple Moving Average.

  • There is a key bullish trend line forming with support at $2.380 on the hourly chart of the XRP/USD pair (data source from Kraken).

  • The pair might start a fresh increase if it clears the $2.50 resistance zone.


XRP Price Holds Support


XRP price managed to stay above the $2.32 support and avoided more losses, like Bitcoin and Ethereum. A base was formed, and the price started a decent upward move above the $2.35 and $2.40 levels.


The price surpassed the 50% Fib retracement level of the downward move from the $2.5241 swing high to the $2.3353 low. The current price action is positive, and the price is now trading near the $2.50 resistance zone. There is also a key bullish trend line forming with support at $2.380 on the hourly chart of the XRP/USD pair.


The price is now trading above $2.420 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.480 level or the 76.4% Fib retracement level of the downward move from the $2.5241 swing high to the $2.3353 low.


XRP Price


The first major resistance is near the $2.50 level. The next resistance is $2.520. A clear move above the $2.520 resistance might send the price toward the $2.60 resistance. Any more gains might send the price toward the $2.650 resistance or even $2.720 in the near term. The next major hurdle for the bulls might be $2.80.


Another Decline?


If XRP fails to clear the $2.50 resistance zone, it could start another decline. Initial support on the downside is near the $2.420 level. The next major support is near the $2.380 level and the trend line.


If there is a downside break and a close below the $2.380 level, the price might continue to decline toward the $2.320 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 – $2.420 and $2.380.

Major Resistance Levels – $2.50 and $2.520.

* 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.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
Cardano (ADA) Flashes Bullish Signal—Is the Rally Just Beginning?ADA is now consolidating and might attempt a clear move above the $0.8650 zone.
Author  NewsBTC
13 hours ago
ADA is now consolidating and might attempt a clear move above the $0.8650 zone.
placeholder
U.S. House officially approves CLARITY, GENIUS, and Anti-CBDC ActsThe House passed three major crypto bills on Thursday, locking in a rare legislative win for the industry.
Author  Cryptopolitan
22 hours ago
The House passed three major crypto bills on Thursday, locking in a rare legislative win for the industry.
placeholder
Ethereum Price Forecast: ETH eyes $4,000 as SharpLink Gaming expands ATM facility to $6 billionEthereum (ETH) briefly surged to $3,500 on Thursday after SharpLink Gaming (SBET) filed an amendment to increase its At-The-Market (ATM) facility by $5 billion.
Author  FXStreet
22 hours ago
Ethereum (ETH) briefly surged to $3,500 on Thursday after SharpLink Gaming (SBET) filed an amendment to increase its At-The-Market (ATM) facility by $5 billion.
placeholder
Bitcoin Touches 8-Year Trendline That Marked Previous Cycle TopsAfter rising rapidly over the weekend to hit new all-time highs, the Bitcoin price seems to have hit a brick wall above $120,000, sparking a correction.
Author  NewsBTC
Yesterday 09: 53
After rising rapidly over the weekend to hit new all-time highs, the Bitcoin price seems to have hit a brick wall above $120,000, sparking a correction.
placeholder
U.S. House failed again to vote on key crypto bills, despite Trump’s promiseThe House just blew another chance to move forward on crypto legislation.
Author  Cryptopolitan
Yesterday 02: 04
The House just blew another chance to move forward on crypto legislation.
Real-time Quote