XRP Price Regains Traction — Is a Powerful Upside Break Brewing?
BY
Ben Graham
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XRP price started a fresh increase above the $2.30 zone. The price is now showing positive signs and might climb above the $2.32 resistance.
XRP Price Eyes Fresh Increase
XRP price started a fresh increase after it settled above the $2.2620 level, beating Bitcoin and Ethereum. The price was able to climb above the $2.280 resistance level.
The recent move was positive and the bulls pushed the price above the 50% Fib retracement level of the downward move from the $2.353 swing high to the $2.251 low, and tested the $2.32 zone. Besides, there is also a key bullish trend line forming with support at $2.280 on the hourly chart of the XRP/USD pair.
The price is now trading above $2.280 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.320 level. The first major resistance is near the $2.330 level or the 76.4% Fib retracement level of the downward move from the $2.353 swing high to the $2.251 low.
A clear move above the $2.330 resistance might send the price toward the $2.350 resistance. Any more gains might send the price toward the $2.40 resistance or even $2.420 in the near term. The next major hurdle for the bulls might be near the $2.50 zone.
Another Decline?
If XRP fails to clear the $2.320 resistance zone, it could start another decline. Initial support on the downside is near the $2.280 level and the trend line zone. The next major support is near the $2.250 level.
If there is a downside break and a close below the $2.250 level, the price might continue to decline toward the $2.220 support. The next major support sits near the $2.20 zone.
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 – $2.280 and $2.250.
Major Resistance Levels – $2.330 and $2.350.