XRP price started a fresh increase above the $2.30 zone. The price is now correcting gains and holding the $2.220 support zone.
XRP price started a fresh increase above the $2.30 zone.
The price is now trading below $2.2650 and the 100-hourly Simple Moving Average.
There is a key contracting triangle forming with support at $2.220 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 $2.220 support.
XRP Price Holds Key Support
XRP price started a decent upward wave above the $2.250 and $2.280 resistance levels, beating Bitcoin and Ethereum. The price traded above the $2.30 level to enter a positive zone.
A high was formed at $2.359 and the price started a downside correction. There was a move below the $2.30 and $2.280 support levels. The price tested the $2.220 support zone. A low was formed at $2.2220 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $2.359 swing high to the $2.2220 low.
The price is now trading below $2.2650 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.250 level.
The first major resistance is near the $2.280 level. There is also a key contracting triangle forming with support at $2.220 on the hourly chart of the XRP/USD pair. The next resistance is $2.30 and the 61.8% Fib retracement level of the downward move from the $2.359 swing high to the $2.2220 low.
A clear move above the $2.30 resistance might send the price toward the $2.350 resistance. Any more gains might send the price toward the $2.320 resistance or even $2.350 in the near term. The next major hurdle for the bulls might be $2.420.
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