XRP Price Reclaims Ground—Is a Bigger Push Just Getting Started?
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XRP price started a fresh recovery wave above the $2.250 zone. The price is now consolidating and might clear the $2.4650 resistance zone.
XRP price started a fresh recovery wave above the $2.320 resistance zone.
The price is now trading above $2.350 and the 100-hourly Simple Moving Average.
There was a break above a connecting bearish trend line with resistance at $2.40 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might continue to move up if it clears the $2.4650 resistance zone.
XRP Price Eyes Breakout
XRP price remained supported and started a recovery wave above the $2.20 zone, like Bitcoin and Ethereum. The price was able to clear the $2.250 and $2.320 resistance levels.
The bulls were able to push the price above the 23.6% Fib retracement level of the downward move from the $2.581 swing high to the $2.354 low. Besides, there was a break above a connecting bearish trend line with resistance at $2.40 on the hourly chart of the XRP/USD pair.
The price is now trading above $2.320 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.450 level. The first major resistance is near the $2.4650 level or the 50% Fib retracement level of the downward move from the $2.581 swing high to the $2.354 low.
The next resistance is $2.50. A clear move above the $2.50 resistance might send the price toward the $2.550 resistance. Any more gains might send the price toward the $2.650 resistance or even $2.6650 in the near term. The next major hurdle for the bulls might be $2.80.
Another Drop?
If XRP fails to clear the $2.4650 resistance zone, it could start another decline. Initial support on the downside is near the $2.400 level and the trend line. The next major support is near the $2.350 level.
If there is a downside break and a close below the $2.350 level, the price might continue to decline toward the $2.320 support. The next major support sits near the $2.250 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 – $2.40 and $2.350.
Major Resistance Levels – $2.4650 and $2.50.
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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.
