XRP Price Surges Above $2.50 as Resistance Levels Tested
XRP price has begun an increase above the $2.50 zone and is consolidating gains, potentially aiming for a move above the $2.62 resistance.
- XRP price has risen above the $2.50 level.
- The price is trading above $2.50 and the 100-hourly Simple Moving Average.
- A bullish trend line is forming with support at $2.53 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may increase further if it surpasses the $2.62 resistance.
XRP Price Movement
XRP price initiated an upward movement above the $2.50 level, surpassing both Bitcoin and Ethereum. The price exceeded the $2.55 and $2.62 resistance levels, peaking at $2.7267 before experiencing a minor decline.
The current trading position is above $2.50 and the 100-hourly Simple Moving Average. A bullish trend line is forming with support at $2.53, near the 50% Fib retracement level from the $2.3272 swing low to the $2.7267 high.
Resistance is likely near the $2.58 level, with major resistance at $2.620 and $2.720. A clear breakout above $2.720 could lead the price towards the $2.80 resistance.
Further gains could push the price towards the $2.920 resistance or even $3.00, with a significant hurdle at $3.20 for bulls.
Support Levels
If XRP does not break through the $2.620 resistance, it may face a decline. Initial support is around the $2.520 level and the trend line, with major support near $2.440.
A drop below $2.440 could lead to further declines towards the $2.350 support, followed by the $2.250 zone.
Technical Indicators
Hourly MACD indicates bullish momentum for XRP/USD.
Hourly RSI shows values above 50 for XRP/USD.
Major Support Levels: $2.520 and $2.440.
Major Resistance Levels: $2.620 and $2.720.