The price of XRP remained in a good position above the $2.40 area. The price is consolidating and may target a fresh rise above the $2.60 level.
- XRP price started a lower correction from the $2.65 resistance area.
- The price is now trading above $2.40 and the 100-hour Simple Moving Average.
- There is an important trend line forming at the $2.45 support on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start another uptrend if it clears the resistance at $2.550.
XRP Price Holds Key Support
The price of XRP started another rise above the $2.40 resistance area like Bitcoin and Ethereum. There was a move above the $2.50 and $2.55 levels.
However, bears were active near $2.65. A high was formed at $2.64 and the price began a lower correction. There was a move below the $2.55 and $5.20 levels. The price dipped below the 23.6% Fib retracement level of the upward move from the swing low of $2.165 to the high of $2.645.
The price is now trading above $2.40 and the 100-hour Simple Moving Average. There is also an important bullish trend line forming with support at $2.45 on the hourly chart of the XRP/USD pair. The trend line is near the 50% Fib retracement level of the upward move from the $2.165 swing low to the $2.645 high.
On the other hand, the price may face resistance near the $2.50 level. The first major resistance is near the $2.550 level. The next resistance is at $2.650. A clear move above the $2.650 resistance could send the price to the $2.750 resistance.
Any further gains could send the price towards resistance at $2.850 or even $2.920 in the near term. The next major hurdle for the bulls would be $3.00.
More Losses?
If XRP fails to clear the $2.550 resistance area, it could start another decline. The first support on the downside is near the $2.450 level. The next major support is near the $2.40 level.
If there is a lower break and close below the $2.40 level, the price may continue to decline to the $2.280 support. The next major support sits near the $2.150 area.
Technical References
Hourly MACD – The MACD of XRP/USD is now gaining momentum in bearish territory.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $2.4000 and $2.3500.
Major Resistance Levels – $2.5000 and $2.6500.
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