XRP started a strong rise above the $2,250 area and tested the $2,35 level. The price is currently correcting the increase below $2,30.

  • The XRP price began to rise again above $2,250.

  • The price is currently trading above $2,250 and the 100-hour simple moving average.

  • There has been a breakout of the bullish trend line with support at $2,2650 on the hourly chart of the XRP/USD pair (data source from Kraken).

  • This currency pair may start to rise further if it maintains above $2,240.

XRP Price Cannot Hold Gains

The XRP price started to rise again after stabilizing above $2,250, outperforming Bitcoin and Ethereum. The price managed to rise above the resistance of $2,2850.

The bulls have been able to push the price above $2,30. However, the bears are still active near the $2,350 area. The price faced rejection and started a new decline. The price has dropped below the 50% Fib retracement level of the rise from the swing low of $2,205 to the swing high of $2,353.

Additionally, there has been a breakout below the bullish trend line with support at $2,2650 on the hourly chart of the XRP/USD pair. The price is currently trading above $2,250 and the 100-hour simple moving average.

On the positive side, the price may encounter resistance near the $2.280 level. The first major resistance is near the $2.2880 level. A clear move above the $2.2880 resistance could bring the price to the $2.320 resistance. Any further increase could bring the price to the $2.350 resistance or even $2.3650 in the near future. The next major resistance for the bulls could be $2.40.

Is There More Loss?

If XRP cannot break through the resistance area of $2,2880, it may start another downward trend. Initial support on the downside is near $2,250. The next major support is near $2,240 and the 76.4% Fib retracement level of the rise from the low of $2,205 to the high of $2,353.

If there is a bearish trend breakout and a close below $2,240, the price could continue to decline to the support of $2,220. The next major support is near the $2,20 area.

Technical Indicators:

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

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

• Major support levels – $2,250 and $2,240.

• Main resistance levels – $2,2880 and $2,320.