NewsBTC has reported that the price of XRP has found a solid foundation at $2.120 and begun a fresh surge. This increase is gathering momentum and it may soon surpass the $2.350 resistance zone.
Recently, XRP’s price initiated a renewed rise above the $2.150 zone and is currently trading above both $2.150 and the 100-hourly Simple Moving Average. There is a sharp bullish trend line developing with support at $2.30 on the hourly chart of the XRP/USD pair (data sourced from Kraken). If the $2.350 resistance is overcome, another increase might be on the horizon.
The XRP price, similar to Bitcoin and Ethereum, is supported above the $2.120 level and has initiated a new upward wave. The price managed to exceed the $2.150 and $2.220 levels. The bulls drove the price beyond the $2.250 resistance zone, setting the stage for additional gains. Ultimately, it hit the $2.330 zone.
Presently, the price is trading above $2.250 and the 100-hourly Simple Moving Average. On the upward side, the price might encounter resistance near the $2.330 level. The first significant resistance is around the $2.350 level, followed by $2.420. A decisive move beyond the $2.420 resistance could propel the price towards the $2.50 resistance. Additional gains could push the price towards the $2.550 resistance or even $2.6350 in the near future.
However, if XRP fails to overcome the $2.350 resistance zone, another decline might be in the cards. Initial support on the downside is near the $2.30 level. If there is a downward break and a close below the $2.220 level, the price might continue to decline towards the $2.150 support level.
Technical Indicators
- Hourly MACD – The MACD for XRP/USD is now 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 – $2.300 and $2.250.
- Major Resistance Levels – $2.330 and $2.350.
