XRP Price Update

XRP price is up over 5% from the $2.50 support, showing positive signals for a potential movement above the $2.820 resistance zone.

• XRP price started a fresh increase above the $2.550 level.
• The price is currently trading above $2.650 and the 100-hourly Simple Moving Average.
• A break above a key bearish trend line with resistance at $2.620 has been observed on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair may start a fresh increase if it clears the $2.750 resistance zone.

XRP Price Jumps Over 5%

XRP price remains supported above the $2.50 level, forming a base and beginning a strong increase above the $2.55 resistance zone, outperforming Bitcoin and Ethereum.

The price cleared the $2.60 and $2.620 resistance levels and broke above a key bearish trend line on the hourly chart of the XRP/USD pair. The pair rallied above the 50% Fib retracement level from the $2.8320 swing high to the $2.470 low.

Currently, the price is trading above $2.650 and the 100-hourly Simple Moving Average. The price might face resistance near the $2.750 level, close to the 76.4% Fib retracement level of the downward move from the $2.8320 swing high to the $2.470 low.

The first major resistance is near the $2.80 level, followed by $2.820. A clear move above $2.820 might push the price towards $2.880 and further gains could see targets of $2.920 or even $2.950 soon. The next major hurdle for bulls could be $3.00.

Another Decline?

If XRP fails to clear the $2.750 resistance zone, a decline might occur. Initial support on the downside is near $2.650, with the next significant support at $2.60. If there’s a downside break and a close below $2.60, the price could drop towards the $2.550 support, with the next major support close to the $2.50 zone.

Technical Indicators

• Hourly MACD: The MACD for XRP/USD is 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: $2.650 and $2.60.
• Major Resistance Levels: $2.750 and $2.820.