XRP Price Shows Strength — Breakout Above Key Levels Possible?
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XRP price started a fresh increase above the $2.20 zone. The price is now consolidating near the $2.280 zone and might aim for a fresh increase.
XRP price started a fresh increase above the $2.250 zone.
The price is now trading above $2.220 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line with support at $2.240 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might start another increase unless there is a close below the $2.20 support.
XRP Price Regains Traction
XRP price started a decent upward wave above the $2.150 and $2.20 resistance levels, like Bitcoin and Ethereum. The price traded above the $2.220 and $2.250 levels to start a decent increase.
A high was formed at $2.294 and the price started a downside correction. There was a move below the $2.280 and $2.250 support levels. The price dipped below the 23.6% Fib retracement level of the upward move from the $2.162 swing low to the $2.294 high.
However, the price remained supported near the $2.220 zone and the 50% Fib retracement level of the upward move from the $2.162 swing low to the $2.294 high.
The price is now trading above $2.220 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line with support at $2.240 on the hourly chart of the XRP/USD pair. On the upside, the price might face resistance near the $2.30 level.
The first major resistance is near the $2.320 level. The next resistance is $2.350. A clear move above the $2.350 resistance might send the price toward the $2.420 resistance. Any more gains might send the price toward the $2.450 resistance or even $2.50 in the near term. The next major hurdle for the bulls might be $2.620.
Dips Supported?
If XRP fails to clear the $2.30 resistance zone, it could start another decline. Initial support on the downside is near the $2.2450 level. The next major support is near the $2.220 level.
If there is a downside break and a close below the $2.220 level, the price might continue to decline toward the $2.20 support. The next major support sits near the $2.150 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 – $2.220 and $2.20.
Major Resistance Levels – $2.30 and $2.350.
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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.
