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XRP price started a fresh increase above the $2.50 level. The price is gaining pace and could rally further above the $2.880 resistance.
XRP price gained over 5% and rallied above the $2.550 zone.
The price is now trading above $2.550 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $2.60 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 $2.60 support.
XRP Price Turns Green Above $2.50
XRP price managed to start a fresh increase above the $2.42 and $2.45 resistance levels. The price gained over 5% and outperformed both Bitcoin and Ethereum. There was a move above the $2.50 and $2.50 levels.
The bulls even pumped the price above the $2.75 resistance to start another increase. It traded as high as $2.875 and is currently consolidating gains above the 23.6% Fib retracement level of the upward move from the $2.332 swing low to the $2.875 high.
The price is now trading above $2.550 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2.60 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $2.8750 level. The first major resistance is near the $2.92 level. The next resistance is $3.00. A clear move above the $3.00 resistance might send the price toward the $3.120 resistance. Any more gains might send the price toward the $3.200 resistance or even $3.25 in the near term. The next major hurdle for the bulls might be $3.320.
Downside Correction?
If XRP fails to clear the $2.8750 resistance zone, it could start another decline. Initial support on the downside is near the $2.750 level. The next major support is near the $2.600 level and the trend line. It is close to the 50% Fib retracement level of the upward move from the $2.332 swing low to the $2.875 high.
If there is a downside break and a close below the $2.60 level, the price might continue to decline toward the $2.550 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 – $2.750 and $2.60.
Major Resistance Levels – $2.875 and $3.000.
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