XRP Price Reclaims Momentum: Is a Bigger Rally Ahead?
XRP price started a fresh rise from the $2.320 area. The price is currently rising and may break the $2.55 resistance soon.
- XRP price started a new rise, breaking above the $2.35 area.
- The price is currently above $2.40 and the 100 hourly simple moving average.
- There is a break above the connecting bearish trend line with resistance at $2.44 on the hourly chart of the XRP/USD pair (data source: Kraken).
- If the $2.525 resistance is exceeded, the pair may start rising again.
XRP price regains appeal
XRP price started a sharp rise above $2.40, e.g. Bitcoin and Ethereum. There was a break above the $2.45 and $2.50 resistance levels.
There was a break above the connecting bearish trend line with resistance at $2.44 on the hourly chart of the XRP/USD pair. The price even surged above $2.550 before the bears emerged. A high was formed at $2.5870 and the price is now consolidating gains.
It fell slightly below $2.5250. The price declined and tested the 50% Fib retracement level of the upward move from the $2.3272 swing low to $2.5870 high.
The price is currently above $2.40 and the 100 hourly simple moving average. On the upside, the price may face resistance near $2.525. The first major resistance level is near $2.550. The next resistance level is $2.5850. A clear break above the $2.5850 resistance may push the price towards the $2.650 resistance.
If there is further upside, the price may move towards the $2.720 resistance or even $2.750 in the near term. The next major obstacle for the bulls is likely to be $2.880.
Another drop?
If XRP fails to break above the $2.525 resistance zone, it may start another decline. Initial support on the downside is located near $2.4550. The next major support is near $2.420, the 61.8% Fib retracement level of the upward move from the $2.3272 swing low to $2.5870 high.
If there is a downside breakout and a close below the $2.420 level, the price may continue its decline towards the $2.320 support. The next major support is near the $2.250 area.
Technical indicators
Hourly MACD – The MACD for XRP/USD is currently accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
Major support levels – $2.4550 and $2.420.
The main resistance levels – $2.5250 and $2.5850.
