XRP Price Eyes Key Upside Break – Can Bulls Finally Regain Control?
XRP price started a fresh increase above $2.50. The price is now showing positive signs and could aim for more gains above the $2.620 level.
- XRP price is attempting a recovery wave above the $2.50 zone.
- The price is now trading above $2.50 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $2.60 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh surge if it clears the $2.60 resistance.
XRP Price Set To Surge?
XRP price found support and started a strong recovery wave above $2.220, like Bitcoin and Ethereum. The price was able to climb above the $2.320 and $2.40 levels to enter a positive zone.
The bulls were able to push the price above the 61.8% Fib retracement level of the downward move from the $3.05 swing high to the $1.40 swing low. However, the bears are still active near the $2.60 and $2.620 levels. Besides, there is a key bearish trend line forming with resistance at $2.60 on the hourly chart of the XRP/USD pair.
The price is now trading above $2.50 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.550 level.
The first major resistance is near the $2.60 level and the trend line. The main hurdle could be near the 76.4% Fib retracement level of the downward move from the $3.05 swing high to the $1.40 swing low at $2.660. A clear move above the $2.660 resistance might send the price toward the $2.720 resistance. Any more gains might send the price toward the $2.750 resistance. The next major hurdle for the bulls might be near $2.80.
Another Drop?
If XRP fails to clear the $2.60 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.50 level. The next major support is near the $2.420 level.
If there is a downside break and a close below the $2.420 level, the price might continue to decline toward $2.320. The next major support sits near the $2.250 zone, below which the price could continue lower toward $2.20.
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 – $2.50 and $2.420.
Major Resistance Levels – $2.60 and $2.660.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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