XRP price started a sharp rise above the $2.25 resistance zone. The price has risen more than 10% and could aim to break above the $2.50 resistance zone.
- XRP price started a fresh rise above the $2.25 zone.
- The price is now trading above $2.30 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $2,215 on the hourly chart of the XRP/USD pair (data feed from Kraken).
- The pair could start another rise if it breaks the $2,475 resistance.
XRP price begins new rise
XRP price started a decent upward movement above the $2.20 level, surpassing bitcoin and Ethereum. There was a move above the $2.25 and $2.30 resistance levels.
During the rise, there was a break above a key downtrend line with resistance at $2,215 on the hourly chart of the XRP/USD pair. The pair was able to overcome the 61.8% Fibonacci retracement level of the descending wave from the high of $2.64 to the low of $1.899.
However, the bears are active below the $2,475 level. It coincides with the 76.4% Fibonacci retracement level of the descending wave from the high of $2.64 to the low of $1.899.
The price is now trading above $2,350 and the 100 hourly simple moving average. On the upside, the price could face resistance near the $2.45 level. The first major resistance is near the $2.4750 level.
The next resistance is $2.50. A clear move above the $2.50 resistance could send the price towards the $2.550 resistance. Any further gains could send the price towards the resistance of $2,650 or even $2,720 in the near term. The next big hurdle for the bulls could be $2,880.
Another setback?
If XRP fails to break above the $2,475 resistance zone, it could start another decline. Initial support on the downside is near the $2,280 level. The next major support is near the $2.20 level.
If there is a break down and a close below the $2.20 level, the price could continue declining towards the support at $2.080. The next major support is near the $2.00 area.
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.
Main support levels: $2,280 and $2,200.
Main resistance levels: USD 2.4750 and USD 2.6450.
Fountain: NewsBTC.com
