XRP price started a strong rise above the $2.25 resistance area. The price is up 10% and may aim to move above the $2.50 resistance area.
- XRP price started a new rise above the $2.25 area.
- The price is now trading above $2.30 and the 100-hour Simple Moving Average.
- There was a break above the main bearish line with resistance at $2.215 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start another move higher if it clears the resistance at $2.475.
XRP Price Starts New Rise
The price of XRP started a decent rise above the $2.20 level, surpassing Bitcoin and Ethereum. There was a move above the $2.25 and $2.30 resistance levels.
During the rise, there was a break above the main bearish line against $2.215 on the hourly chart of the XRP/USD pair. The pair managed to surpass the 61.8% Fib retracement level of the downward wave from the $2.64 swing high to the $1.899 low.
However, bears are active below the $2.475 level. It coincides with the 76.4% Fib retracement level of the downward wave from the $2.64 swing high to the $1.899 low.
The price is now trading above $2.350 and the 100-hour Simple Moving Average. On the other hand, the price may face resistance near the $2.45 level. The first major resistance is near the $2.4750 level.
The next resistance is $2.50. A clear move above the $2.50 resistance could send the price towards the $2.550 resistance. Any further gains could send the price towards resistance at $2.650 or even $2.720 in the near term. The next major hurdle for the bulls would be $2.880.
Another Pullback?
If XRP fails to clear the $2.475 resistance area, it could start another decline. The first support on the downside is near the $2.280 level. The next major support is near the $2.20 level.
If there is a lower break and close below the $2.20 level, the price may continue to decline to the $2.080 support. The next major support sits near the $2.00 area.
Technical References
Hourly MACD – The MACD of XRP/USD is now gaining momentum in bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $2.280 and $2.200.
Major Resistance Levels – $2.4750 and $2.6450.
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