XRP Price Retraces Gains But Maintains Its Bullish Structure

XRP price found support at $2.250 and started a fresh increase. The price is now correcting gains from $2.650 and testing the $2.420 support zone.

• XRP price started a fresh increase above the $2.50 zone.
• The price is now trading above $2.40 and the 100-hourly Simple Moving Average.
• There is a key bullish trend line forming with support at $2.4350 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair might start another increase if there is a close above the $2.550 resistance.

XRP price remained supported above the $2.250 level and started a fresh upward wave, like Bitcoin and Ethereum. The price was able to surpass the $2.350 and $2.40 levels.

The bulls pushed the price above the $2.50 resistance zone to set the pace for more gains. Finally, it tested the $2.650 zone. A high was formed at $2.6560 before there was a pullback. The price dipped below $2.50 and the 50% Fib retracement level of the upward move from the $2.3310 swing low to the $2.6560 high.

However, the bulls are active above $2.40. The price is now trading above $2.420 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2.4350 on the hourly chart of the XRP/USD pair.

On the upside, the price might face resistance near the $2.4950 level. The first major resistance is near the $2.550 level. The next resistance is $2.600. A clear move above the $2.60 resistance might send the price toward the $2.650 resistance. Any more gains might send the price toward the $2.720 resistance or even $2.7450 in the near term. The next major hurdle for the bulls might be $2.80.

If XRP fails to clear the $2.550 resistance zone, it could start another decline. Initial support on the downside is near the $2.4350 level and the trend line. The next major support is near the $2.40 level.

If there is a downside break and a close below the $2.40 level, the price might continue to decline toward the $2.350 support. The next major support sits near the $2.320 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $2.4350 and $2.40.

Major Resistance Levels – $2.50 and $2.550.