XRP price started a new increase above $2.50. The price is now showing positive signs and may rise further if it crosses the $2.6880 resistance level.
- XRP price gained pace to move above $2.50 and $2,550.
- The price is now trading above the $2.50 level and the 100 hourly simple moving average.
- There is an uptrend line forming with support at $2.60 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start a new increase if it crosses the $2.6880 resistance level.
XRP price maintains support
The price of XRP started a new increase after settling above $2.40, like Bitcoin and Ethereum. The price crossed the $2.420 and $2.50 resistance levels.
The bulls managed to push the price above $2,550 and $2.65. A top was formed at $2.6972 and the price is now consolidating gains above the 23.6% Fib retracement level of the recent move from the swing low of $2.327 to the swing high of $2.6972.
The price is now trading below the $2.60 level and the 100 hourly simple moving average. There is an uptrend line forming with support at $2.60 on the hourly chart of the XRP/USD pair.
If there is a new upward movement, the price may face resistance near the $2,650 level. The first major resistance is near the $2.6880 level, above which the price could rise and test $2.70. A clear move above the $2.70 resistance level could send the price towards the $2.7650 resistance level. Any further gains may push the price towards the $2.80 resistance level. The next major hurdle for the bulls could be near $2,880.
Correct the downside?
If XRP fails to cross the resistance area at $2.6880, it could start a new decline. Initial support on the downside is near the $2.60 level. The next major support is near the $2.5650 level.
If there is a downward breakout and close below the $2.5650 level, the price could continue to fall towards $2.5120 or the 50% Fibonacci retracement level of the recent move from the swing low at $2.327 to the high at $2.6972. The next major support is near the $2.4680 area, below which the price could continue falling towards $2.420.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Key Support Levels – $2.60 and $2,580.
Key resistance levels – $2.650 and $2.6880.
The post XRP Price Prediction: Consolidation Persists — Bulls Need Fresh Push For Breakout first appeared on Investorempires.com.
