XRP Price Starts Fresh Increase Above $2.40 Resistance

XRP price began an upward trend from the $2.320 level and is currently aiming to surpass the $2.55 resistance.

XRP price increased above the $2.35 zone.
The price trades above $2.40 and the 100-hourly Simple Moving Average.
A break occurred above a bearish trend line with resistance at $2.44 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair may see further gains if it clears the $2.525 resistance.

XRP Price Regains Traction

XRP price initiated a notable rise above the $2.40 level, similar to Bitcoin and Ethereum. The price moved past the $2.45 and $2.50 resistance levels.

A break above the bearish trend line at $2.44 was observed. The price peaked at $2.5870 before consolidating gains.

A minor dip below $2.5250 tested the 50% Fib retracement level from the $2.3272 swing low to the $2.5870 high.

Currently, the price trades above $2.40 and the 100-hourly Simple Moving Average. Resistance is near $2.525, with major resistance at $2.550 and $2.5850. A clear breakout above $2.5850 could push the price toward $2.650.

Further gains may lead to resistance at $2.720 or even $2.750. The next significant hurdle for bulls is $2.880.

Another Drop?

If XRP does not breach the $2.525 resistance, a decline could occur. Initial support is around $2.4550, with major support at $2.420, aligning with the 61.8% Fib retracement level of the move from $2.3272 to $2.5870.

A close below $2.420 may result in a decline toward the $2.320 support, with additional support near the $2.250 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for XRP/USD is above the 50 level.

Major Support Levels – $2.4550 and $2.420.

Major Resistance Levels – $2.5250 and $2.5850.