XRP price started a downside correction from the $2.50 zone. The price is now consolidating gains and might aim for a move above the $2.4650 resistance zone.
- XRP price started a fresh increase above the $2.425 zone.
- The price is now trading above $2.350 and the 100-hourly Simple Moving Average.
- There is a short-term bullish trend line forming with support at $2.380 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start another increase if it clears the $2.465 resistance.
XRP Price Holds Support
XRP price started a decent upward move above the $2.35 level, like Bitcoin and Ethereum. There was a move above the $2.40 and $2.420 resistance levels.
The price even spiked above $2.50 before the bears appeared. A high was formed at $2.530 and the price is now consolidating gains. There was a minor decline below $2.4650. The price is now consolidating and trading below the 50% Fib retracement level of the downward move from the $2.53 swing high to the $2.354 low.
The price is now trading above $2.350 and the 100-hourly Simple Moving Average. There is also a short-term bullish trend line forming with support at $2.380 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $2.465 level. It is near the 61.8% Fib retracement level of the downward move from the $2.53 swing high to the $2.354 low. The first major resistance is near the $2.50 level.
Source: XRPUSD on TradingView.com
The next resistance is $2.550. A clear move above the $2.550 resistance might send the price toward the $2.650 resistance. Any more gains might send the price toward the $2.720 resistance or even $2.750 in the near term. The next major hurdle for the bulls might be $2.880.
Another Drop?
If XRP fails to clear the $2.465 resistance zone, it could start another decline. Initial support on the downside is near the $2.380 level. The next major support is near the $2.350 level.
If there is a downside break and a close below the $2.350 level, the price might continue to decline toward the $2.280 support. The next major support sits near the $2.20 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $2.380 and $2.350.
Major Resistance Levels – $2.4650 and $2.50.
Aayush Jindal
Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
