NewsBTC reports that the price of XRP, after making substantial gains above the $2.60 range, is currently undergoing adjustments from its $2.65 high, with potential bid opportunities around the $2.480 mark.
The price of XRP recently initiated an upward trend surpassing the $2.550 zone and is currently trading above $2.50, backed by the 100-hourly Simple Moving Average. However, there was a disruption below a significant bullish trend line with a support level around $2.550 on the hourly chart of XRP/USD pair, according to data from Kraken.
The pair could potentially initiate another surge if it remains above the $2.480 support level. Like Bitcoin and Ethereum, XRP price has found support above the $2.420 zone and began a fresh rally. Prices surpassed both $2.50 and $2.550 levels.
Bulls propelled the price past the $2.60 resistance zone, ultimately testing the $2.650 mark. Even though the price experienced a pullback, it still trades above $2.50 and the 100-hourly Simple Moving Average.
Resistance may be faced around the $2.550 level with the first key resistance near the $2.580 level. An unimpeded move above the $2.60 resistance could send the price towards the $2.650 resistance. Further gains could potentially push the price towards $2.720 or even $2.750 levels in the short term. The next substantial barrier for the bulls might be $2.880.
If XRP fails to breach the $2.580 resistance zone, another downward trend could ensue. The initial support on the downside lies near the $2.510 level and the 61.8% Fibonacci retracement level of the upward trend from the $2.4220 low to the $2.650 high. Major support lies around the $2.480 mark.
A break and close below the $2.480 level might lead to a continued decline towards the $2.450 support level. The next key support area is near the $2.420 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is gradually losing strength in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 mark.
Major Support Levels – $2.510 and $2.480.
Major Resistance Levels – $2.60 and $2.650.
