XRP Price Fresh Surge: Bulls Gear Up for Action
XRP price remains stable above the $2.10 area. The price is moving higher and may target another break above the $2.30 resistance zone.
- XRP price is trying to break above the $2.20 resistance zone.
- The price is currently close to $2.25 and the 100 hourly simple moving average.
- There is a break above the connecting bearish trend line with resistance at $2.185 on the hourly chart of the XRP/USD pair (data source: Kraken).
- If the $2.30 resistance is exceeded, the pair could start a sharp rise.
XRP Price Possible to Make a Comeback
XRP price starts a fresh rise from $2.12 support, with Bitcoin and Ethereum. There were considerable gains above the $2.15 and $2.20 levels.
The price exceeded the 23.6% Fib retracement level of the swing high of $2.383 to low of $2.130. There was also a break above the connecting bearish trend line with resistance at $2.185 on the hourly chart of the XRP/USD pair.
However, bears are active near $2.25 and $2.26. The price is currently close to $2.25 and the 100 hourly simple moving average. On the upside, the price may face resistance near $2.265. The first major resistance level is near $2.28. It is close to the 61.8% Fib retracement level of the downward move from the swing high of $2.383 to low of $2.130.
The next level of resistance is $2.30. A clear break above the $2.30 resistance could push the price towards the $2.420 resistance. Any further gains could see the price move towards the $2.50 resistance or even $2.550 in the short term. The next major obstacle for the bulls is likely to be $2.680.
Another recession?
If XRP fails to break out of the $2.30 resistance zone, it could start another decline. Initial support on the downside is located near $2.188. The next major support is near $2.120.
If there is a downside breakout and a close below the $2.120 level, the price may continue its decline towards the $2.050 support. The next major support is near the $2.00 area.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
Major support levels – $2.180 and $2.120.
Major resistance levels – $2.28 and $2.30.
