XRP has started a consolidation phase around $2.320. The price is currently rising and may aim for bullish targets above $2.450.

  • XRP price has started to rise significantly above the $2.3650 area.

  • The price is currently trading above $2.380 and the 100-hour simple moving average.

  • There is a bullish trendline forming with support at $2.3580 on the hourly chart of the XRP/USD pair (data source from Kraken).

  • This pair may start to increase further if it surpasses the resistance level of $2.450.

XRP Price Aiming for Stable Increase

XRP price has begun a new corrective move within a range and is trading below the $2.380 area, unlike Bitcoin and Ethereum. There has been a move below $2.3650 and $2.350. The price tested the $2.3350 area.

A low has formed at $2.33360 and the price is currently moving higher. There has been a move above $2.350 and $2.3650. The price has surpassed the 50% Fib retracement level of the downward move from the high of $2.4315 to the low of $2.3360.

The price is currently trading above $2.38 and the 100-hour simple moving average. Additionally, there is a bullish trendline forming with support at $2.3580 on the hourly chart of the XRP/USD pair.

On the positive side, the price may encounter resistance near $2.410. It is close to the 76.4% Fib retracement level of the downward move from the high of $2.4315 to the low of $2.3360. The first major resistance is near $2.4320.

The next resistance level is $2.450. A clear move above the resistance of $2.450 could push the price to the resistance of $2.50. Any further increase could drive the price up to the resistance of $2.550 or even $2.5650 in the near future. The next major barrier for buyers could be $2.650.

Another Recession?

If XRP cannot break through the resistance area of $2.450, it may begin another downward move. Initial support on the downside is near $2.3650. The next major support is near $2.3580 and the trendline.

If there is a bearish breakout and a close below $2.3580, the price may continue to decline towards the support level of $2.320. The next major support level is near the $2.2650 zone.

Technical Indicators:

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

• Hourly RSI (Relative Strength Index) – RSI for XRP/USD is currently above 50.

• Major support levels – $2.3580 and $2.320.

• Major resistance levels – $2.420 and $2.450.