XRP Price Consolidates Above $2.320 Support Zone
XRP price is consolidating gains above the $2.350 support zone, showing positive signs and potentially aiming for an increase above $2.4650.
- XRP price struggles to gain momentum above the $2.50 zone.
- The price trades below $2.435 and the 100-hourly Simple Moving Average.
- A short-term rising channel is forming with support at $2.385 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may initiate a fresh increase if it remains above the $2.320 support.
XRP Price Holds Support
XRP price stays above the $2.320 level but has not initiated a fresh increase like Bitcoin and Ethereum. The price struggles to surpass the $2.50 resistance and remains below $2.45.
The last swing low is at $2.32, with recent consolidation. The price moved above $2.40, clearing the 50% Fib retracement level of the decline from the $2.507 high to the $2.32 low.
The current trading level is below $2.435 and the 100-hourly Simple Moving Average. A short-term rising channel is forming with support at $2.385 on the hourly chart of the XRP/USD pair.
On the upside, resistance may occur near the $2.465 level or the 76.4% retracement of the rising channel. Major resistance levels are $2.50 and $2.55.
A clear move above $2.55 could push the price toward the $2.650 resistance, with potential further gains targeting $2.720 or $2.750. The next significant hurdle for buyers may be $2.880.
Another Decline?
If XRP does not surpass the $2.435 resistance, it may face another decline. Initial support is near $2.380, followed by major support at $2.320.
A downside break and close below $2.320 could lead to a decline toward the $2.20 support, with additional support around $2.120.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is losing bullish momentum.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.
Major Support Levels – $2.380 and $2.320.
Major Resistance Levels – $2.4650 and $2.500.