XRP price started a strong increase above the $2.25 resistance zone. The price is up over 10% and might aim for a move above the $2.50 resistance zone.
- XRP price started a fresh increase above the $2.25 zone.
- The price is now trading above $2.30 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $2.215 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start another increase if it clears the $2.475 resistance.
XRP Price Starts Fresh Increase
XRP price started a decent upward move above the $2.20 level, beating Bitcoin and Ethereum. There was a move above the $2.25 and $2.30 resistance levels.
During the increase, there was a break above a key bearish trend line with resistance at $2.215 on the hourly chart of the XRP/USD pair. The pair was able to surpass the 61.8% Fib retracement level of the downward wave from the $2.64 swing high to the $1.899 low.
However, the bears are active below the $2.475 level. It coincides with the 76.4% Fib retracement level of the downward wave from the $2.64 swing high to the $1.899 low.
The price is now trading above $2.350 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.45 level. The first major resistance is near the $2.4750 level.
The next resistance is $2.50. A clear move above the $2.50 resistance might send the price toward the $2.550 resistance. Any more gains might send the price toward the $2.650 resistance or even $2.720 in the near term. The next major hurdle for the bulls might be $2.880.
Another Pullback?
If XRP fails to clear the $2.475 resistance zone, it could start another decline. Initial support on the downside is near the $2.280 level. The next major support is near the $2.20 level.
If there is a downside break and a close below the $2.20 level, the price might continue to decline toward the $2.080 support. The next major support sits near the $2.00 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $2.280 and $2.200.
Major Resistance Levels – $2.4750 and $2.6450.
Source link
Aayush Jindal
https://www.newsbtc.com/analysis/xrp/xrp-price-winning-streak-2-50/
2024-12-12 04:08:30
