XRP Bulls Charge Ahead: Rally Picks Up Speed
XRP price started a new round of gains, breaking above $2.50. The price is accelerating and may rise further above the $2.880 resistance.
- XRP price gained over 5% and moved above the $2.550 area.
- The price is currently above $2.550 and the 100 hourly simple moving average.
- A bullish trend line is forming with support at $2.60 on the hourly chart of the XRP/USD pair (Data source: Kraken).
- If it holds above the $2.60 support, the pair may start a fresh leg higher.
XRP price turns green above $2.50
XRP price started a fresh rise above the $2.42 and $2.45 resistance levels. Price rose more than 5%, outperforming both Bitcoin and Ethereum. The price rose towards $2.50 and above $2.50.
The bulls even pushed the price above the $2.75 resistance to start another rise. It traded as high as $2.875 and is currently consolidating gains above the 23.6% Fibonacci retracement level of the upward move from the $2.332 swing low to $2.875 high.
The price is currently above $2.550 and the 100 hourly simple moving average. There is also a bullish trend line forming with support at $2.60 on the hourly chart of the XRP/USD pair.
On the upside, the price may face resistance near $2.8750. The first major resistance level is near $2.92. The next level of resistance is $3.00. A clear break above the $3.00 resistance could push the price towards the $3.120 resistance. If there is further upside, the price may move towards the $3.200 resistance or even $3.25 in the short term. The next major obstacle for the bulls is likely to be $3.320.
Downside correction?
If XRP fails to break above the $2.8750 resistance zone, it may start another decline. Initial support on the downside is near $2.750. The next major support is near the $2.600 level and trendline. It is close to the 50% Fib retracement level of the upward move from the $2.332 swing low to $2.875 high.
If there is a downside breakout and a close below $2.60, the price could continue falling towards the $2.550 support. The next major support is near the $2.50 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 – $2.750 and $2.60.
The main resistance levels – $2.875 and $3.000.
