XRP has found support at $2.420 and is starting to rise again. The price is currently correcting the gain from $2.60 and may be heading towards another increase.

  • The price of XRP has started to rise again above $2.50.

  • The price is currently trading above $2.50 and the 100-hour simple moving average.

  • There is a significant bullish trend line forming with support at $2.510 on the hourly chart of the XRP/USD pair (data source from Kraken).

  • This currency pair could start to increase if it closes above the resistance level of $2.60.

XRP Price Regains Momentum

The price of XRP remains supported above $2.40 and begins a new bullish trend, similar to Bitcoin and Ethereum. The price has managed to surpass $2.50 and $2.550.

Bulls pushed the price above the resistance zone of $2.580 to set the pace for more gains. Ultimately, the price tested the $2.60 area. A high was formed at $2.6050 before a pullback occurred. The price dropped below $2.5650 and the 23.6% Fib retracement level of the upward move from the low of $2.4220 to the high of $2.6050.

The price is currently trading above $2.50 and the 100-hour simple moving average. Additionally, a significant bullish trend line is forming with support at $2.510 on the hourly chart of the XRP/USD pair.

On the positive side, the price may encounter resistance near $2.60. The first major resistance is near $2.650. The next resistance is at $2.720. A clear move above the resistance at $2.720 could bring the price to the resistance at $2.80. Any further increase could lead the price to the resistance at $2.850 or even $2.880 in the near future. The next major resistance for the bulls could be $2.950.

Fixing the Weakness?

If XRP cannot break through the resistance zone at $2.60, it may begin another downward trend. Initial support on the downside is near $2.510 and the trend line. The next key support is near $2.492 and the 61.8% Fib retracement level of the move from the swing low of $2.4220 to the high of $2.6050.

If there is a break below the downtrend and a close under $2.4920, the price may continue to decline to the support level of $2.450. The next key support level is near the $2.420 area.

Technical indicators

Hourly MACD – The MACD for XRP/USD is currently accelerating in the bullish zone.

The hourly RSI (Relative Strength Index) for XRP/USD is currently above 50.

Key support levels – $2.510 and $2.4920.

Key resistance levels – $2.60 and $2.650.