XRP Price Swings Wildly: Can It Resume Its Rally?
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XRP price saw a couple of swing moves from the $2.85 resistance. The price is consolidating near $2.50 and might aim for more gains above the $2.65 level.
- XRP price is struggling to gain pace for a move above the $2.80 resistance zone.
- The price is now trading above $2.30 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $2.25 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might continue to accelerate if it clears the $2.72 resistance.
XRP Price Holds Gains Above $2.30
XRP price made another attempt to clear the $3.00 resistance. However, it failed to surpass $2.85 and corrected some gains unlike Bitcoin and like Ethereum. There was a move below the $2.65 and $2.50 levels.
A low was formed at $2.276 and the price is now correcting losses. There was a move above the $2.40 and $2.50 levels. The bulls pushed it back above the 50% Fib retracement level of the recent decline from the $2.848 swing high to the $2.276 low.
The price is now trading above $2.30 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2.25 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $2.620 level. The first major resistance is near the $2.720 level. It is close to the 76.4% Fib retracement level of the recent decline from the $2.848 swing high to the $2.276 low.
The next key resistance could be $2.850. A clear move above the $2.850 resistance might send the price toward the $2.950 resistance. Any more gains might send the price toward the $3.00 resistance or even $3.150 in the near term. The next major hurdle for the bulls might be $3.20.
Are Dips Limited?
If XRP fails to clear the $2.620 resistance zone, it could start another decline. Initial support on the downside is near the $2.50 level. 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 $2.30 support and the trend line. The next major support sits near the $2.050 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 – $2.5000 and $2.4000.
Major Resistance Levels – $2.6200 and $2.7200.
