XRP Price Consolidates Gains, Aims for Resistance at $2.465
XRP price began a downside correction from the $2.50 zone and is currently consolidating gains, potentially targeting a move above the $2.4650 resistance.
- XRP price initiated an increase above the $2.425 level.
- The price trades above $2.350 and the 100-hourly Simple Moving Average.
- A short-term bullish trend line is forming with support at $2.380 on the hourly chart of the XRP/USD pair (data source from Kraken).
- Another increase could occur if the price clears the $2.465 resistance.
XRP Price Holds Support
XRP price showed an upward movement above the $2.35 level, similar to Bitcoin and Ethereum. The price surpassed the $2.40 and $2.420 resistance levels.
After spiking above $2.50, which formed a high at $2.530, the price is now consolidating. It declined slightly below $2.4650 and trades below the 50% Fib retracement level from the $2.53 swing high to the $2.354 low.
Currently, it trades above $2.350 and the 100-hourly Simple Moving Average, with a bullish trend line forming at $2.380 on the hourly chart.
Resistance is anticipated near the $2.465 level, close to the 61.8% Fib retracement of the previous decline. The first major resistance stands at $2.50.
The next resistance level is $2.550; a clear move above this could lead to a rise toward $2.650. Further gains may push the price to $2.720 or $2.750 in the near term, with a significant hurdle at $2.880.
Another Drop?
If XRP does not breach the $2.465 resistance, it may experience another decline. Initial downside support is at $2.380, followed by major support at $2.350.
A drop and close below $2.350 may result in a further decline toward $2.280, with additional major support around the $2.20 zone.
Technical Indicators:
Hourly MACD: The MACD for XRP/USD is losing momentum in the bullish zone.
Hourly RSI: The RSI for XRP/USD is below the 50 level.
Major Support Levels: $2.380 and $2.350.
Major Resistance Levels: $2.4650 and $2.50.