XRP Price Consolidates Above $2.40, Aiming for $2.50 Break
XRP price is consolidating above the $2.40 level and shows potential for further gains.
- Price increased above $2.40 and is trading above $2.420 and the 100-hourly Simple Moving Average.
- A break occurred above a key rising channel with resistance at $2.450 on the hourly chart of the XRP/USD pair.
- Potential for further increases if it clears the $2.480 resistance.
XRP Price Overview
XRP remains supported above $0.2320, with significant movements noted:
- Surpassed resistance levels at $0.2350 and $0.2365.
- Reached a high of $0.2479, currently consolidating above the 23.6% Fib retracement level from $2.3360 to $2.4796.
- Resistance levels are identified at $2.480 and $2.50, with further resistance at $2.550 and $2.650.
- Major hurdle lies around $2.80.
Potential Downside
If XRP does not clear the $2.50 resistance, a decline may occur:
- Initial support near $2.450; major support at $2.40 and the 50% Fib retracement level.
- A close below $2.40 could lead to further declines towards $2.350 and $2.3250.
Technical Indicators
- Hourly MACD indicates bullish momentum.
- RSI for XRP/USD is above the 50 level.
- Key support levels are $2.450 and $2.420.
- Key resistance levels are $2.480 and $2.50.
