XRP worth began a recent improve above the $2.50 degree. The worth is gaining tempo and will rally additional above the $2.880 resistance.
- XRP worth gained over 5% and rallied above the $2.550 zone.
- The worth is now buying and selling above $2.550 and the 100-hourly Simple Moving Average.
- There is a connecting bullish development line forming with assist at $2.60 on the hourly chart of the XRP/USD pair (knowledge supply from Kraken).
- The pair may begin a recent improve if it stays above the $2.60 assist.
XRP Price Turns Green Above $2.50
XRP worth managed to begin a recent improve above the $2.42 and $2.45 resistance ranges. The worth gained over 5% and outperformed each Bitcoin and Ethereum. There was a transfer above the $2.50 and $2.50 ranges.
The bulls even pumped the worth above the $2.75 resistance to begin one other improve. It traded as excessive as $2.875 and is at present consolidating positive factors above the 23.6% Fib retracement degree of the upward transfer from the $2.332 swing low to the $2.875 excessive.
The worth is now buying and selling above $2.550 and the 100-hourly Simple Moving Average. There can also be a connecting bullish development line forming with assist at $2.60 on the hourly chart of the XRP/USD pair.
On the upside, the worth may face resistance close to the $2.8750 degree. The first main resistance is close to the $2.92 degree. The subsequent resistance is $3.00. A transparent transfer above the $3.00 resistance may ship the worth towards the $3.120 resistance. Any extra positive factors may ship the worth towards the $3.200 resistance and even $3.25 within the close to time period. The subsequent main hurdle for the bulls is perhaps $3.320.
Downside Correction?
If XRP fails to clear the $2.8750 resistance zone, it may begin one other decline. Initial assist on the draw back is close to the $2.750 degree. The subsequent main assist is close to the $2.600 degree and the development line. It is near the 50% Fib retracement degree of the upward transfer from the $2.332 swing low to the $2.875 excessive.
If there’s a draw back break and an in depth beneath the $2.60 degree, the worth may proceed to say no towards the $2.550 assist. The subsequent main assist sits close to the $2.50 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 degree.
Major Support Levels – $2.750 and $2.60.
Major Resistance Levels – $2.875 and $3.000.
