XRP Price Gains Traction — Buyers Pile In Ahead Of Key Technical Breakout

XRP price started a fresh increase above $2.45. The price is now showing positive signs and might rise further if it clears the $2.680 resistance.

• XRP price is attempting a fresh increase above the $2.50 zone.
• The price is now trading above $2.50 and the 100-hourly Simple Moving Average.
• There is a bullish trend line forming with support at $2.580 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could start a fresh increase if it clears the $2.680 resistance.

XRP Price Eyes Steady Increase

XRP price formed a base above $2.320 and started a fresh increase, like Bitcoin and Ethereum. The price surpassed the $2.380 and $2.450 resistance levels.

The bulls were able to push the price above $2.50 and $2.55. A high was formed at $2.668 and the price is now consolidating gains above the 23.6% Fib retracement level of the recent wave from the $2.327 swing low to the $2.668 high.

The price is now trading below $2.50 and the 100-hourly Simple Moving Average. There is a bullish trend line forming with support at $2.580 on the hourly chart of the XRP/USD pair.

If there is a fresh upward move, the price might face resistance near the $2.660 level. The first major resistance is near the $2.680 level, above which the price could rise and test $2.750. A clear move above the $2.750 resistance might send the price toward the $2.80 resistance. Any more gains might send the price toward the $2.920 resistance. The next major hurdle for the bulls might be near $2.950.

Are Dips Supported?

If XRP fails to clear the $2.680 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.60 level. The next major support is near the $2.580 level.

If there is a downside break and a close below the $2.580 level, the price might continue to decline toward $2.50 or the 50% Fib retracement level of the recent wave from the $2.327 swing low to the $2.668 high. The next major support sits near the $2.450 zone, below which the price could continue lower toward $2.40.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $2.60 and $2.580.

Major Resistance Levels – $2.660 and $2.680.