XRP price remained stable above the $2.10 zone. The price is moving higher and might aim for a fresh surge above the $2.30 resistance zone.
XRP price is attempting a fresh increase above the $2.20 resistance zone.
The price is now trading near $2.25 and the 100-hourly Simple Moving Average.
There was a break above a connecting bearish trend line with resistance at $2.185 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might start a decent increase if it clears the $2.30 resistance.
XRP Price Eyes A Comeback
XRP price started a fresh increase from the $2.12 support level, unlike Bitcoin and Ethereum. There was a decent increase above the $2.15 and $2.20 levels.
The price surpassed the 23.6% Fib retracement level of the downward move from the $2.383 swing high to the $2.130 low. There was also a break above a connecting bearish trend line with resistance at $2.185 on the hourly chart of the XRP/USD pair.
However, the bears were active near the $2.25 and $2.26 levels. The price is now trading near $2.25 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.265 level. The first major resistance is near the $2.28 level. It is near the 61.8% Fib retracement level of the downward move from the $2.383 swing high to the $2.130 low.
The next resistance is $2.30. A clear move above the $2.30 resistance might send the price toward the $2.420 resistance. Any more gains might send the price toward the $2.50 resistance or even $2.550 in the near term. The next major hurdle for the bulls might be $2.680.
Another Decline?
If XRP fails to clear the $2.30 resistance zone, it could start another decline. Initial support on the downside is near the $2.188 level. The next major support is near the $2.120 level.
If there is a downside break and a close below the $2.120 level, the price might continue to decline toward the $2.050 support. The next major support sits near the $2.00 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $2.180 and $2.120.
Major Resistance Levels – $2.28 and $2.30.
