XRP price regains momentum: is there a bigger rally ahead?

XRP price has started a recent rally from the $2,320 zone. The price is currently rising and may soon aim to break above the resistance at $2.55.

XRP price has started a recent surge above the $2.35 zone.
The price is currently above $2.40 and the 100-hour straightforward moving average.
On the hourly chart, the XRP/USD pair broke out above the converging bearish trend line with resistance at $2.44 (data source Kraken).
The pair could start another rally if it breaks through the resistance at $2,525.

XRP price regains traction

The price of XRP has started a decent upward move above the $2.40 level, similar to Bitcoin and Ethereum. There has been a move above the $2.45 and $2.50 resistance levels.

On the hourly chart, the XRP/USD pair broke out above the converging bearish trend line with resistance at $2.44. Before the bears emerged, the price even rose above $2,550. The maximum was formed at USD 2.5870 and the price is currently consolidating its gains.

There was a slight decline below $2.5250. The price dropped and tested the 50% Fib retracement level in an upward move from the low of $2.3272 to the high of $2.5870.

The price is currently above $2.40 and the 100-hour straightforward moving average. On the other hand, the price may face resistance near the USD 2.525 level. The first major resistance is near the $2,550 level. The next resistance is $2.5850. A clear move above the resistance at $2.5850 could push the price towards the resistance at $2.650.

Further increases may push the price towards the resistance level of USD 2,720 and even USD 2,750 in the near future. The next major hurdle for bulls could be the price of $2,880.

Another drop?

If XRP fails to break the resistance zone at $2,525, another decline could begin. Initial downside support is near the $2.4550 level. The next major support is located near the $2.420 level or the 61.8% Fib retracement level, representing an upward move from a low of $2.3272 to a high of $2.5870.

If there is a downside breakout and a close below the $2,420 level, the price could continue to fall towards the $2,320 support. The next major support is near the $2,250 zone.

Technical indicators

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

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

Major support levels – $2.4550 and $2.420.

Major resistance levels – $2.5250 and $2.5850.