XRP Price Sets Sights on New Gains: Bulls Poised for Action
XRP price is consolidating gains above the $2.320 support zone. The price is showing positive signs and might aim for a fresh increase above $2.50.
- XRP price started a downside correction from the $2.50 zone.
- The price is now trading below $2.45 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $2.380 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start a fresh increase if it stays above the $2.320 support.
XRP Price Holds Support
XRP price remained supported above the $2.30 level and extended gains, like Bitcoin and Ethereum . There was a move above the $2.45 level and the price tested $2.50 before there was a downside correction.
A low was formed at $2.32 and the price is now rising. There was a move above the $2.40 level. The price cleared the 23.6% Fib retracement level of the recent decline from the $2.507 swing high to the $2.32 low. There was a break above a connecting bearish trend line with resistance at $2.380 on the hourly chart of the XRP/USD pair.
The price is now trading below $2.45 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.45 level or the 61.8% Fib retracement level of the recent decline from the $2.507 swing high to the $2.32 low.
The first major resistance is near the $2.50 level. The next resistance is $2.55. A clear move above the $2.55 resistance might send the price toward the $2.680 resistance.
Source: XRPUSD on TradingView.comAny more gains might send the price toward the $2.720 resistance or even $2.750 in the near term. The next major hurdle for the bulls might be $2.880.
Another Decline?
If XRP fails to clear the $2.45 resistance zone, it could start another decline. Initial support on the downside is near the $2.370 level. The next major support is near the $2.320 level.
If there is a downside break and a close below the $2.320 level, the price might continue to decline toward the $2.20 support. The next major support sits near the $2.120 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 – $2.370 and $2.320.
Major Resistance Levels – $2.450 and $2.500.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Crypto: How Europe Wants to Enforce Its Version of the SEC

Stablecoin : Western Union plans to launch anti-inflation "stable cards"

Mars Morning News | SEC Expected to Issue "Innovation Exemptions" for the Crypto Industry in "About a Month"
The SEC is expected to issue an innovation exemption for the crypto industry. The UK "Digital Assets and Other Property Act" has come into effect. BlackRock's CEO revealed that sovereign wealth funds are buying bitcoin. Bank of America recommends clients allocate to crypto assets. Bitcoin selling pressure is nearing its end. Summary generated by Mars AI. The accuracy and completeness of this summary are still being improved as the Mars AI model continues to iterate.

a16z: Inefficient governance and dormant tokens pose a more severe quantum threat to BTC.
