NewsBTC has reported a significant rise and subsequent dip in XRP’s price, sparking curiosity about the potential for a second bullish round. XRP saw a consistent ascent beyond the $2.220 territory before experiencing a correction of its gains. The question now is whether it will find sufficient bids around the $2.20 area.
XRP initiated a new increase past the $2.220 area and is presently trading above $2.180 and the 100-hourly Simple Moving Average. A crucial bullish trend line with support at $2.20 is forming on the hourly chart of the XRP/USD pair (data sourced from Kraken). If it breaks through the $2.280 resistance zone, the pair could see an uptick in bullish momentum.
The XRP price found a foothold above the $2.120 level, outperforming both Bitcoin and Ethereum, and started a new rise. The price managed to break the $2.180 and $2.20 resistance levels and even soared above $2.30. After hitting a high of $2.327, the price has begun to correct its gains.
However, should XRP fail to overcome the $2.280 resistance zone, it may experience another dip. The first levels of support are near the $2.220 and $2.20 marks. If the price closes below $2.20, a further decline towards the $2.150 support is possible, with the next significant support near the $2.120 zone.
Technical Indicators suggest that the MACD for XRP/USD is slowing down in the bullish zone, while the RSI for XRP/USD remains above the 50 mark. The major Support Levels stand at $2.220 and $2.20, with Major Resistance Levels at $2.280 and $2.320.
