XRP Price Shows Strength — Breakout Above Key Levels Possible?

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.