Is XRP Ready for a New Rally in Price?
XRPs value has surged above the $2.50 mark, despite downward pressure on Bitcoin. It continues to display positive signs and is eyeing a further increase above the $2.550 resistance level.
- XRPs value has soared by over 10% and has surpassed the $2.50 range.
- Currently trading above $2.450 and the 100-hourly Simple Moving Average.
- An upward trend is evident with resistance at $2.550 according to the XRP/USD pair hourly chart data from Kraken.
- If the value remains above the $2.40 support, a new surge may occur.
XRP Price Maintains Uptrend Above $2.40
XRPs value has successfully climbed above the $2.42 and $2.45 resistance levels. The value has risen by over 10% outperforming both Bitcoin and Ethereum. It has broken past the $2.50 and $2.550 levels.
Reaching as high as $2.5979, the value is currently consolidating gains. A slight dip below the $2.55 mark occurred. The value briefly dipped below the 23.6% Fib retracement level from the $2.246 low to the $2.597 high.
Currently trading above $2.450 and the 100-hourly Simple Moving Average, potential resistance lies near the $2.550 level. A short-term bullish flag is forming with resistance at $2.550 on the XRP/USD pairs hourly chart.
The primary resistance level lies near $2.60, followed by $2.65. Surpassing the $2.65 hurdle could propel the value towards the $2.735 resistance. Further gains could guide the value towards $2.80 or even $2.8250 in the short term. A significant obstacle for the bulls would be $2.950.
Possible Downside Correction?
If XRP struggles to exceed the $2.550 resistance, a decline may ensue. Initial support is around $2.4850, followed by the $2.420 mark and the 50% Fib retracement level from the $2.246 low to the $2.597 high.
A decline below $2.420 could lead to further drops towards the $2.350 support, with major support near the $2.320 zone.
Technical Indicators
Hourly MACD The MACD for XRP/USD shows a weakening bullish trend.
Hourly RSI (Relative Strength Index) RSI for XRP/USD is currently above 50.
Key Support Levels $2.4850 and $2.420.
Key Resistance Levels $2.550 and $2.600.
The post Is XRP Ready for a New Rally in Price? appeared first on Crypto Breaking News.
Read more: https://www.cryptobreaking.com/is-xrp-ready-for-a-new-rally-in-price/
Text source: Crypto Breaking News
