XRP Price Shows Resilience: Holding Strong and Eyes Another Surge
XRP price remains in positive territory above $2.40. Price is consolidating and may target another move above $2.60.
- XRP price started a downward correction from the $2.65 resistance zone.
- The price is currently above $2.40 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support at $2.45 on the hourly chart of the XRP/USD pair (Data source: Kraken).
- If the $2.550 resistance is exceeded, the pair may start rising again.
XRP Price Holds Key Support
XRP price starts rising again above the $2.40 resistance zone Bitcoin and Ethereum. The price rose above $2.50 and $2.55.
However, bears are active near $2.65. A high was formed at $2.64 and the price began a downward correction. The price fell below the $2.55 and $5.20 levels. The price fell below the 23.6% Fib retracement level of the upward move from the $2.165 swing low to $2.645 high.
The price is currently above $2.40 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support at $2.45 on the hourly chart of the XRP/USD pair. The trend line is close to the 50% Fib retracement of the upward move from the swing low of $2.165 to the high of $2.645.
On the bright side, the price may face resistance near $2.50. The first major resistance level is near $2.550. The next resistance level is $2.650. A clear break above the $2.650 resistance may push the price towards the $2.750 resistance.
If there is further upside, the price may move towards the $2.850 resistance or even $2.920 in the short term. The next major obstacle for the bulls is likely to be $3.00.
More losses?
If XRP fails to break above the $2.550 resistance zone, it may start another decline. Initial support on the downside is near $2.450. 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 its decline towards the $2.280 support. The next major support is near the $2.150 area.
Technical indicators
Hourly MACD – The MACD for XRP/USD is currently accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level.
Major support levels – $2.4000 and $2.3500.
The main resistance levels – $2.5000 and $2.6500.
