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