XRP price has started a new rally above the $2.50 level despite pressure on Bitcoin. The price is still showing positive signs and is aiming for a new high above the $2,550 resistance level.
- XRP price rose more than 10% and rose above the $2.50 area.
- The price is now trading above the $2,450 level and the 100 hourly simple moving average.
- There is a short-term bull flag forming with resistance at $2,550 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may start a new rally if it remains above the $2.40 support level.
XRP price is still in an uptrend above $2.40
XRP price was able to start a new rise above the $2.42 and $2.45 resistance levels. The price rose more than 10% and outperformed both Bitcoin and Ethereum. There was a move above the $2.50 and $2.550 levels.
The price traded at a high of $2.5979 and is currently consolidating gains. There was a slight move below the $2.55 level. The price fell below the 23.6% Fibonacci retracement level of the upward move from the swing low at $2,246 to the swing high at $2,597.
The price is now trading above the $2,450 level and the 100 hourly simple moving average. On the upside, the price may face resistance near the $2,550 level. There is also a short-term bull flag forming with resistance at $2,550 on the hourly chart of the XRP/USD pair.
The first major resistance is located near the $2.60 level. The next resistance is $2.65. A clear move above the $2.65 resistance level could send the price towards the $2.735 resistance level. Any further gains may push the price towards the $2.80 resistance level or even $2.8250 in the near term. The next major hurdle for the bulls could be $2,950.
Correct the downside?
If XRP fails to cross the $2,550 resistance area, it could start another decline. Initial support on the downside is near the $2.4850 level. The next major support is near the $2,420 level and the 50% Fib retracement level of the upward move from the $2,246 swing low to the $2,597 swing high.
If there is a downward breakout and close below the $2,420 level, the price may continue to fall towards the $2,350 support level. The next major support is near the $2,320 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 now above the 50 level.
Key Support Levels – $2.4850 and $2.420.
Major resistance levels – $2,550 and $2,600.