The XRP price remained stable above the $2.10 zone. The price is moving higher and may aim for a novel rally above the resistance zone at $2.30.
- XRP price is trying a novel rally above the $2.20 resistance zone.
- The price is currently trading near $2.25 and the 100-hour straightforward moving average.
- There has been a break above the converging bearish trend line with resistance at $2,185 on the XRP/USD hourly chart (Kraken Data Source).
- The pair could start a decent rally if it breaks the resistance at $2.30.
The price of XRP is back
XRP price started a novel rally from the $2.12 support level, unlike Bitcoin and Ethereum. There has been a decent rally above the $2.15 and $2.20 levels.
The price has broken above the 23.6% Fib retracement level, a sign of a move down from a high of $2,383 to a low of $2,130. There was also a break above the converging bearish trend line with resistance at $2,185 on the hourly chart of the XRP/USD pair.
However, bears were busy near the levels of $2.25 and $2.26. The price is currently trading near $2.25 and the 100-hour straightforward moving average. On the other hand, the price may face resistance near the USD 2.265 level. The first major resistance is near the $2.28 level. It is near the 61.8% Fib retracement level, which is a downward move from a high of $2,383 to a low of $2,130.
The next resistance is $2.30. A clear move above the resistance at $2.30 could push the price towards the resistance at $2.420. Further gains could push the price towards the resistance level of $2.50 or even $2.550 in the near future. The next major hurdle for bulls could be the price of $2,680.
Another decline?
If XRP fails to break the resistance zone at $2.30, another decline could begin. Initial downside support is near the $2,188 level. The next crucial support is near the USD 2,120 level.
If there is a downside breakout and a close below the $2,120 level, the price could continue to fall towards the $2,050 support. The next major support is near the $2.00 zone.
Technical indicators
Hourly MACD – The MACD for XRP/USD is currently losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
Major support levels – $2,180 and $2,120.
Major resistance levels – $2.28 and $2.30.
