XRP price remained stable above the $2.10 area. The price is moving higher and may aim for a new high above the $2.30 resistance area.
- XRP price is trying to make a new increase above the $2.20 resistance area.
- The price is now trading near $2.25 and the 100 hourly simple moving average.
- There was a break above the downtrend line connected with resistance at $2.185 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may start rising well if it crosses the $2.30 resistance level.
XRP price is looking for a comeback
XRP price started a new increase from the $2.12 support level, unlike Bitcoin and Ethereum. There was a good increase above the $2.15 and $2.20 levels.
The price crossed the 23.6% Fibonacci retracement level of the downward move from the high of $2,383 to the low of $2,130. There was also a break above the downtrend line connected with resistance at $2.185 on the hourly chart of the XRP/USD pair.
However, the bears were active near the $2.25 and $2.26 levels. The price is now trading near $2.25 and the 100 hourly simple moving average. On the upside, the price may face resistance near the $2,265 level. The first major resistance is located near the $2.28 level. It is close to the 61.8% Fibonacci retracement level of the downward move from the high of $2,383 to the low of $2,130.
The next resistance is $2.30. A clear move above the $2.30 resistance level could send the price towards the $2.420 resistance level. Any further gains may push the price towards the $2.50 resistance level or even $2,550 in the near term. The next major hurdle for the bulls could be $2,680.
Another retreat?
If XRP fails to cross the $2.30 resistance area, it could start another decline. Initial support on the downside is near the $2,188 level. The next major support is near the $2,120 level.
If there is a downward breakout and close below the $2,120 level, the price may continue to fall towards the $2,050 support level. The next major support is near the $2.00 area.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Key Support Levels – $2,180 and $2,120.
Major resistance levels – $2.28 and $2.30.
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