XRP Price Consolidates Above $2.40 with Potential Upsurge Ahead

XRP price remains above $2.40 and is consolidating, potentially targeting an increase above $2.60.

XRP began a downside correction from the $2.65 resistance zone.
The price is trading above $2.40 and the 100-hourly Simple Moving Average.
A bullish trend line is forming with support at $2.45 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair may initiate another increase if it surpasses the $2.550 resistance.

XRP Price Holds Key Support

XRP initiated an increase above $2.40, similar to Bitcoin and Ethereum, moving above $2.50 and $2.55 levels. However, selling pressure emerged near $2.65, causing a high at $2.64 followed by a correction below $2.55.

The price dipped below the 23.6% Fibonacci retracement level of the upward move from the $2.165 swing low to the $2.645 high. Currently, XRP trades above $2.40 and the 100-hourly Simple Moving Average, supported by a bullish trend line near the 50% Fibonacci retracement level of the same upward move.

Resistance is expected around $2.50, with major resistance at $2.550 and $2.650. A clear breakout above $2.650 could push the price towards $2.750.

Further gains may lead to testing the $2.850 resistance or even $2.920 in the short term, with the next significant hurdle at $3.00.

More Losses?

If XRP does not break the $2.550 resistance, it may decline further. Initial support is at $2.450, followed by major support at $2.40.

A drop below $2.40 could result in a decline toward the $2.280 support level, with the next key support near $2.150.

Technical Indicators:

Hourly MACD: The MACD for XRP/USD is gaining momentum in the bearish zone.

Hourly RSI: The RSI for XRP/USD is below the 50 level.

Major Support Levels: $2.4000 and $2.3500.

Major Resistance Levels: $2.5000 and $2.6500.