XRP Price Explodes Higher, Unstoppable Rally Captures Trader Attention

[Ben Graham]

XRP price started a strong increase above $2.00. The price is now consolidating gains and might aim for more gains above the $2.165 zone.

• XRP price started a fresh increase above the $2.00 zone.
• The price is now trading above $2.10 and the 100-hourly Simple Moving Average.
• There is a bullish trend line forming with support at $2.070 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move up if it settles above $2.20.

XRP Price Regains Traction

XRP price started a decent upward move above $2.00 and $2.020, like Bitcoin and Ethereum. The price gained pace for a clear move above the $2.10 resistance.

The bulls even pumped the price above the $2.150 zone. A high was formed at $2.165 and the price started a consolidation phase above the 23.6% Fib retracement level of the upward move from the $1.983 swing low to the $2.165 high.

The price is now trading above $2.10 and the 100-hourly Simple Moving Average. Besides, there is a bullish trend line forming with support at $2.070 on the hourly chart of the XRP/USD pair.

If there is a fresh upward move, the price might face resistance near the $2.1650 level. The first major resistance is near the $2.180 level, above which the price could rise and test $2.20. A clear move above the $2.20 resistance might send the price toward the $2.250 resistance. Any more gains might send the price toward the $2.320 resistance. The next major hurdle for the bulls might be near $2.350.

Downside Correction?

If XRP fails to clear the $2.1650 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.120 level. The next major support is near the $2.070 level or the 50% Fib retracement level of the upward move from the $1.983 swing low to the $2.165 high.

If there is a downside break and a close below the $2.070 level, the price might continue to decline toward $2.020. The next major support sits near the $2.00 zone, below which the price could continue lower toward $1.9650.

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 – $2.10 and $2.070.

Major Resistance Levels – $2.1650 and $2.20.