XRP prices have found some support around $2.250 and are now starting to rise again. Currently, they’re testing the $2.420 support zone, pulling back from a high of $2.650.
- XRP has kicked off a rise beyond the $2.50 mark.
- It’s trading above $2.40, which aligns with a 100-hour simple moving average.
- The hourly chart for the XRP/USD pair shows a significant bullish trend line with support at $2.4350.
- If the price surpasses the $2.550 resistance, we could see further gains.
XRP price drops to support
The XRP price remains solid above the $2.250 level, experiencing new upward movements similar to Bitcoin and Ethereum. It has managed to exceed the $2.350 and $2.40 benchmarks.
Driven by bullish sentiment, prices moved past the $2.50 resistance, leading to a peak near $2.650, reaching as high as $2.6560 before pulling back. Currently, it sits below $2.50, reflecting a 50% FIB retracement level from a low of $2.3310 to a high of $2.6560.
However, prices are still holding above $2.40, trading above $2.420, with the 100-hour simple moving average confirming this trend. The hourly chart shows a crucial bullish trend line with support at $2.4350 for the XRP/USD pair.
Resistance is likely near the $2.4950 level, with the first significant barrier at about $2.550. The next one is at $2.600. If prices move decisively above $2.60, it could lead towards the $2.650 resistance. Further gains might push it to $2.720, or in the short term, maybe even to $2.7450. The next big challenge for the bulls could be around $2.80.
Another decline?
On the other hand, if XRP struggles to break the $2.550 resistance zone, it could signal a potential drop. The first downside support is near $2.4350 along with the trend line, while the next major support is at the $2.40 level.
A significant break and close below $2.40 could lead to a decline towards the $2.350 support, followed by main support near the $2.320 zone.
Technical indicators
HOURLY MACD – The MACD for XRP/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level.
Key support levels – $2.4350 and $2.40.
Major resistance levels – $2.50 and $2.550.
