XRP Price Swings Wildly: Can It Resume Its Rally?
XRP price saw several swings starting from the $2.85 resistance level. The price is consolidating near $2.50 and may rise further above $2.65.
- XRP price is struggling to accelerate above the $2.80 resistance zone.
- The price is currently above $2.30 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support at $2.25 on the hourly chart of the XRP/USD pair (Data source: Kraken).
- The pair may continue to accelerate if it breaks the $2.72 resistance.
XRP price remains above $2.30
XRP price is once again trying to break above the $3.00 resistance. However, unlike $2.85, it failed to break above $2.85 and corrected some gains Bitcoin and like Ethereum. The price fell below the $2.65 and $2.50 levels.
A low was formed at $2.276 and the price is currently correcting losses. The price rose above $2.40 and $2.50. Bulls pushed it back above the 50% Fib retracement level of the recent decline from the $2.848 swing high to $2.276 low.
The price is currently above $2.30 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support at $2.25 on the hourly chart of the XRP/USD pair.
On the upside, the price may face resistance near $2.620. The first major resistance level is near $2.720. It is close to the 76.4% Fib retracement level of the recent swing high of $2.848 to low of $2.276.
The next key resistance level is likely to be $2.850. A clear break above the $2.850 resistance may push the price towards the $2.950 resistance. If there is further upside, the price may move towards the $3.00 resistance or even $3.150 in the short term. The next major obstacle for the bulls is likely to be $3.20.
Is the decline limited?
If XRP fails to break above the $2.620 resistance zone, it may start another decline. Initial support on the downside is near $2.50. The next major support is near $2.40.
If there is a downside breakout and a close below the $2.40 level, the price may continue to fall towards the $2.30 support and trendline. The next major support is near the $2.050 area.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level.
Major support levels – $2.5000 and $2.4000.
The main resistance levels – $2.6200 and $2.7200.
