XRP Price Flashes Strength — Bulls Looking for Continuation

[Redator]

XRP price started a fresh increase above the $2.320 zone. The price is now showing positive signs and might climb above the $2.45 resistance.

• XRP price started a fresh increase above the $2.350 zone.
• The price is now trading above $2.320 and the 100-hourly Simple Moving Average.
• There is a key bullish trend line forming with support at $2.380 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could start another increase if it stays above the $2.350 zone.

XRP Price Rallies Over 5%

XRP price started a fresh increase after it settled above the $2.30 level, beating Bitcoin and Ethereum. The price was able to climb above the $2.350 resistance level.

The recent move was positive and the bulls pushed the price above the $2.40 level. A high was formed at $2.437 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $2.250 swing low to the $2.437 high.

The price is now trading above $2.350 and the 100-hourly Simple Moving Average. Besides, there is a key bullish trend line forming with support at $2.380 on the hourly chart of the XRP/USD pair.

On the upside, the price might face resistance near the $2.4350 level. The first major resistance is near the $2.450 level. A clear move above the $2.450 resistance might send the price toward the $2.50 resistance. Any more gains might send the price toward the $2.550 resistance or even $2.60 in the near term. The next major hurdle for the bulls might be near the $2.750 zone.

Another Decline?

If XRP fails to clear the $2.450 resistance zone, it could start another decline. Initial support on the downside is near the $2.380 level and the trend line zone. The next major support is near the $2.350 level or the 50% Fib retracement level of the upward move from the $2.250 swing low to the $2.437 high.

If there is a downside break and a close below the $2.350 level, the price might continue to decline toward the $2.320 support. The next major support sits near the $2.2650 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 – $2.380 and $2.350.

Major Resistance Levels – $2.4350 and $2.450.