XRP price remained in positive territory above the $2.40 area. The price is consolidating and may aim for a new high above the $2.60 level.
- XRP price has started a downward correction from the $2.65 resistance area.
- The price is now trading above the $2.40 level and the 100 hourly simple moving average.
- There is a major uptrend line forming with support at $2.45 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may start another rise if it exceeds the $2,550 resistance level.
XRP price holds major support
XRP price has started to rise again above the $2.40 resistance area like Bitcoin and Ethereum. There was a move above the $2.50 and $2.55 levels.
However, the bears were active near $2.65. The high was formed at $2.64 and the price started a downward correction. There was a move below the $2.55 and $5.20 levels. The price fell below the 23.6% Fibonacci retracement level of the upward move from the swing low of $2.165 to the swing high of $2.645.
The price is now trading above the $2.40 level and the 100 hourly simple moving average. There is also a major uptrend 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 level of the upward move from the swing low of $2.165 to the swing high of $2.645.
On the upside, the price may face resistance near the $2.50 level. The first major resistance is near the $2,550 level. The next resistance is located at $2,650. A clear move above the $2,650 resistance level could send the price towards the $2,750 resistance level.
Any further gains may push the price towards the $2,850 resistance level or even $2,920 in the near term. The next major hurdle for the bulls could be $3.00.
More losses?
If XRP fails to cross the $2,550 resistance area, it could start another decline. Initial support on the downside is near the $2,450 level. The next major support is near the $2.40 level.
If there is a downside breakout and close below the $2.40 level, the price may continue to fall towards the $2.280 support level. The next major support is near the $2,150 area.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Key Support Levels – $2.4000 and $2.3500.
Major resistance levels – $2.5000 and $2.6500.