XRP price is consolidating gains above the $2.60 zone. The price is showing positive signs and might gain bullish momentum above $2.750.
- XRP price started a decent upward move above the $2.60 zone.
- The price is now trading above $2.60 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $2.680 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start a fresh increase if it clears the $2.750 resistance zone.
XRP Price Rally Loses Steam
XRP price managed to stay above the $2.50 support and remained in a positive zone, unlike Bitcoin and Ethereum. A base was formed, and the price started a decent upward move above the $2.55 and $2.65 levels.
The price surpassed the first key barrier at $2.750. It tested the next hurdle at $2.840. A high was formed at $2.8322 and the price is now consolidating gains. There was a minor move below $2.75. The price dipped below the 23.6% Fib retracement level of the upward move from the $2.330 swing low to the $2.8322 high.
The current price action is positive. There is also a key bullish trend line forming with support at $2.680 on the hourly chart of the XRP/USD pair. The price is now trading above $2.650 and the 100-hourly Simple Moving Average.
On the upside, the price might face resistance near the $2.750 level. The first major resistance is near the $2.80 level. The next resistance is $2.840. A clear move above the $2.840 resistance might send the price toward the $2.920 resistance.
Any more gains might send the price toward the $3.0 resistance or even $3.050 in the near term. The next major hurdle for the bulls might be $3.120.
Another Decline?
If XRP fails to clear the $2.750 resistance zone, it could start another decline. Initial support on the downside is near the $2.680 level or the trend line. The next major support is near the $2.60 level and the 50% Fib retracement level of the upward move from the $2.330 swing low to the $2.8322 high.
If there is a downside break and a close below the $2.60 level, the price might continue to decline toward the $2.550 support. The next major support sits near the $2.50 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 below the 50 level.
Major Support Levels – $2.680 and $2.60.
Major Resistance Levels – $2.750 and $2.840.
