XRP Price Dips to Support: Is a Bullish Rebound on the Horizon?

[Redator]

XRP price started a fresh increase above the $2.220 resistance zone. The price is now consolidating and might aim for a move above the $2.250 resistance.

• XRP price started a fresh increase above the $2.220 zone.
• The price is now trading above $2.220 and the 100-hourly Simple Moving Average.
• There is a key bullish trend line forming with support at $2.185 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair might start another increase if it clears the $2.250 resistance zone.

XRP Price Holds Support

XRP price remained stable above the $2.050 support and started a decent upward move, beating Bitcoin and Ethereum. There was a move above the $0.2150 and $0.20 levels.

The bulls were able to clear the $2.25 resistance zone. A high was formed at $2.2816 and the price is now correcting gains. The price dipped below the $2.25 level and the 50% Fib retracement level of the upward move from the $2.137 swing low to the $2.2816 high.

The price is now trading above $2.20 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2.185 on the hourly chart of the XRP/USD pair. It is near the 61.8% Fib retracement level of the upward move from the $2.137 swing low to the $2.2816 high.

On the upside, the price might face resistance near the $2.2320 level. The first major resistance is near the $2.250 level. The next resistance is $2.2850. A clear move above the $2.2850 resistance might send the price toward the $2.320 resistance. Any more gains might send the price toward the $2.350 resistance or even $2.380 in the near term. The next major hurdle for the bulls might be $2.40.

Downside Break?

If XRP fails to clear the $2.25 resistance zone, it could start another decline. Initial support on the downside is near the $2.20 level. The next major support is near the $2.1850 level.

If there is a downside break and a close below the $2.1850 level, the price might continue to decline toward the $2.150 support. The next major support sits near the $2.120 zone.

Technical Indicators

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

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

Major Support Levels – $2.20 and $2.1850.

Major Resistance Levels – $2.250 and $2.30.