XRP price found support at $2.080 and started a fresh increase. The price is now gaining pace and might clear the $2.150 resistance zone.
- XRP price started a recovery wave above the $2.10 zone.
- The price is now trading above $2.120 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance near $2.1450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start another increase if there is a close above the $2.1680 resistance.
XRP Price Eyes More Gains
XRP price remained supported above the $2.080 level and started a fresh recovery wave, like Bitcoin and Ethereum. The price was able to surpass the $2.10 and $2.120 levels.
There was a break above a key bearish trend line with resistance near $2.1450 on the hourly chart of the XRP/USD pair. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $2.2580 swing high to the $2.078 low.
The price is now trading above $2.150 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.1680 level and the 50% Fib retracement level of the downward move from the $2.2580 swing high to the $2.078 low.
The first major resistance is near the $2.180 level. The next resistance is $2.20. A clear move above the $2.20 resistance might send the price toward the $2.220 resistance. Any more gains might send the price toward the $2.250 resistance or even $2.30 in the near term. The next major hurdle for the bulls might be $2.320.
Another Decline?
If XRP fails to clear the $2.180 resistance zone, it could start another decline. Initial support on the downside is near the $2.1320 level. The next major support is near the $2.120 level.
If there is a downside break and a close below the $2.120 level, the price might continue to decline toward the $2.080 support. The next major support sits near the $2.050 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 – $2.120 and $2.080.
Major Resistance Levels – $2.180 and $2.20.
