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XRP Price Strengthens — Eyes Set on Key Resistance Levels

Source Newsbtc

XRP price started a decent upward move from the $2.20 zone. The price is now showing positive signs and might aim for a move above the $2.285 resistance.

XRP price started a fresh increase above the $2.2320 zone.
The price is now trading above $2.2320 and the 100-hourly Simple Moving Average.
There is a short-term contracting triangle forming with resistance at $2.280 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start another increase if it clears the $2.280 zone.

XRP Price Faces Resistance

XRP price started a fresh increase after it settled above the $2.220 level, like Bitcoin and Ethereum. The price was able to climb above the $2.2320 resistance level.

The bulls were able to push the price above the $2.250 level. Moreover, there was a clear move above the 61.8% Fib retracement level of the downward move from the $2.3111 swing high to the $2.197 low. The price is now trading above $2.250 and the 100-hourly Simple Moving Average.

On the upside, the price might face resistance near the $2.280 level. There is also a short-term contracting triangle forming with resistance at $2.280 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $2.2850 level. It is close to the 76.4% Fib retracement level of the downward move from the $2.3111 swing high to the $2.197 low. The next resistance is $2.320. A clear move above the $2.320 resistance might send the price toward the $2.350 resistance. Any more gains might send the price toward the $2.40 resistance or even $2.420 in the near term. The next major hurdle for the bulls might be $2.50.

Another Decline?

If XRP fails to clear the $2.2850 resistance zone, it could start another decline. Initial support on the downside is near the $2.260 level. The next major support is near the $2.2320 level.

If there is a downside break and a close below the $2.2320 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 – $2.2320 and $2.20.

Major Resistance Levels – $2.2850 and $2.320.

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

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