XRP Price Analysis

XRP price started a decent upward move from the $2.150 zone. The price is now consolidating gains and might face hurdles near the $2.285 zone.

• XRP price started a fresh increase above the $2.220 zone.
• The price is now trading above $2.220 and the 100-hourly Simple Moving Average.
• There is a key bullish trend line forming with support at $2.20 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could start another decline if it fails to clear the $2.2850 resistance zone.

XRP Price Restarts Increase

XRP price found support near the $2.150 level and started a fresh increase, similar to Bitcoin and Ethereum. The price recovered losses and climbed above the $2.220 resistance level.

The bulls managed to push the price above the $2.250 level. There was a spike above the 61.8% Fib retracement level of the downward move from the $2.327 swing high to the $2.148 low. However, bearish activity was noted near the $2.2850 level.

The price failed to surpass the 76.4% Fib retracement level of the earlier mentioned downward move. Currently, the price is trading above $2.220 and the 100-hourly Simple Moving Average. Additionally, a key bullish trend line is forming, offering support at $2.20 on the hourly chart of the XRP/USD pair.

On the upside, the price might face resistance near the $2.2580 level. The main resistance is around the $2.2850 level, followed by $2.320. A clear move above $2.320 might push the price towards $2.350 and potentially towards $2.40 or even $2.420 in the near term. The next significant resistance for the bulls could be $2.50.

Fresh Decline?

If XRP fails to clear the $2.2850 resistance zone, it might start another decline. Initial support on the downside is near the $2.220 level, with the next major support close to $2.20 and the trend line.

A downside break and a close below the $2.20 level could lead the price to decline towards the $2.150 support, with additional support near the $2.120 zone.

Technical Indicators

• Hourly MACD – The MACD for XRP/USD is losing momentum in the bullish zone.
• Hourly RSI (Relative Strength Index) – The RSI for XRP/USD remains above the 50 level.

Major Support Levels

• $2.220
• $2.20

Major Resistance Levels

• $2.2850
• $2.320