XRP Price Sets Stage for Bullish Continuation: Whats Next?
XRP price started a fresh increase above the $2.40 resistance zone. The price is now consolidating gains and might aim for a move above the $2.450 resistance zone.
- XRP price started a fresh increase above the $2.35 zone.
- The price is now trading above $2.350 and the 100-hourly Simple Moving Average.
- There is a short-term bullish flag forming with resistance at $2.40 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start another increase if it clears the $2.45 resistance.
XRP Price Eyes Another Increase
XRP price started a decent upward move above the $2.25 level, beating Bitcoin and Ethereum. There was a move above the $2.32 and $2.40 resistance levels.
The price even spiked above $2.45 before the bears appeared. A high was formed at $2.480 and the price is now consolidating gains. There was a minor decline below $2.40. The price tested the 23.6% Fib retracement level of the upward move from the $1.899 swing low to the $2.48 high.
The price is now trading above $2.350 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.40 level. There is also a short-term bullish flag forming with resistance at $2.40 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $2.450 level. The next resistance is $2.50. A clear move above the $2.50 resistance might send the price toward the $2.550 resistance. Any more gains might send the price toward the $2.650 resistance or even $2.720 in the near term. The next major hurdle for the bulls might be $2.880.
Another Drop?
If XRP fails to clear the $2.45 resistance zone, it could start another decline. Initial support on the downside is near the $2.30 level. The next major support is near the $2.260 level.
If there is a downside break and a close below the $2.260 level, the price might continue to decline toward the $2.180 support or the 50% Fib retracement level of the upward move from the $1.899 swing low to the $2.48 high. 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 $2.300 and $2.180.
Major Resistance Levels $2.450 and $2.50.
Source: NewsBTC.com
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