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XRP Price Gains 10%, Stealing The Spotlight from Bitcoin

Source Newsbtc

XRP price started a fresh increase above the $2.80 level. The price is up over 10% and might continue to rise if it clears the $3.20 resistance.

XRP price gained over 10% and rallied above the $2.80 zone.
The price is now trading above $2.850 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $2.880 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might start a fresh increase if it stays above the $2.650 support.

XRP Price Gains Traction Above $2.80

XRP price managed to start a fresh increase above the $2.50 and $2.65 resistance levels. The price gained over 10% and outperformed both Bitcoin and Ethereum. There was a move above the $2.80 and $2.850 levels.

The bulls even pumped the price above the $2.92 resistance to start another increase. It traded as high as $3.20 and is currently consolidating gains above the 23.6% Fib retracement level of the upward move from the $2.333 swing low to the $3.20 high.

The price is now trading above $2.90 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2.880 on the hourly chart of the XRP/USD pair.

On the upside, the price might face resistance near the $3.050 level. The first major resistance is near the $3.12 level. The next resistance is $3.20. A clear move above the $3.20 resistance might send the price toward the $3.320 resistance. Any more gains might send the price toward the $3.450 resistance or even $3.50 in the near term. The next major hurdle for the bulls might be $3.620.

Downside Correction?

If XRP fails to clear the $3.20 resistance zone, it could start another decline. Initial support on the downside is near the $2.980 level. The next major support is near the $2.800 level and the trend line. It is close to the 50% Fib retracement level of the upward move from the $2.333 swing low to the $3.20 high.

If there is a downside break and a close below the $2.80 level, the price might continue to decline toward the $2.650 support. The next major support sits near the $2.50 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 – $2.980 and $2.80.

Major Resistance Levels – $3.050 and $3.20.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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