XRP worth began a recent surge above the $2.50 degree regardless of strain on Bitcoin. The worth continues to be exhibiting optimistic indicators and aiming for a recent enhance above the $2.550 resistance.
- XRP worth gained over 10% and rallied above the $2.50 zone.
- The worth is now buying and selling above $2.450 and the 100-hourly Simple Moving Average.
- There is a short-term bullish flag forming with resistance at $2.550 on the hourly chart of the XRP/USD pair (knowledge supply from Kraken).
- The pair would possibly begin a recent enhance if it stays above the $2.40 help.
XRP Price Remains In Uptrend Above $2.40
XRP worth managed to begin a recent enhance above the $2.42 and $2.45 resistance ranges. The worth gained over 10% and outperformed each Bitcoin and Ethereum. There was a transfer above the $2.50 and $2.550 ranges.
The worth traded as excessive as $2.5979 and is at the moment consolidating positive aspects. There was a minor transfer under the $2.55 degree. The worth dipped under the 23.6% Fib retracement degree of the upward transfer from the $2.246 swing low to the $2.597 excessive.
The worth is now buying and selling above $2.450 and the 100-hourly Simple Moving Average. On the upside, the worth would possibly face resistance close to the $2.550 degree. There can be a short-term bullish flag forming with resistance at $2.550 on the hourly chart of the XRP/USD pair.
The first main resistance is close to the $2.60 degree. The subsequent resistance is $2.65. A transparent transfer above the $2.65 resistance would possibly ship the worth towards the $2.735 resistance. Any extra positive aspects would possibly ship the worth towards the $2.80 resistance and even $2.8250 in the close to time period. The subsequent main hurdle for the bulls is perhaps $2.950.
Downside Correction?
If XRP fails to clear the $2.550 resistance zone, it might begin one other decline. Initial help on the draw back is close to the $2.4850 degree. The subsequent main help is close to the $2.420 degree and the 50% Fib retracement degree of the upward transfer from the $2.246 swing low to the $2.597 excessive.
If there may be a draw back break and a shut under the $2.420 degree, the worth would possibly proceed to say no towards the $2.350 help. The subsequent main help sits close to the $2.320 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now shedding tempo in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 degree.
Major Support Levels – $2.4850 and $2.420.
Major Resistance Levels – $2.550 and $2.600.
