XRP Price Regains Traction, Can The Bulls Pump It This Time?

XRP price started a fresh increase above the $2.25 zone. The price is now consolidating and might aim for an upward move above the $2.320 resistance.

• XRP price started a decent upward move above the $2.220 zone.
• The price is now trading above $2.250 and the 100-hourly Simple Moving Average.
• There is a key bullish trend line forming with support at $2.270 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair might start another increase if it clears the $2.320 resistance zone.

XRP Price Aims Fresh Increase

XRP price formed a base and started a fresh increase from the $2.050 zone, like Bitcoin and Ethereum. There was a move above the $2.120 and $2.20 resistance levels.

The bulls even pushed the price above the $2.25 level. Finally, the price tested the $2.320 resistance. A high was formed at $2.3294 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $2.2250 swing low to the $2.3294 high.

The price is now trading above $2.220 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2.270 on the hourly chart of the XRP/USD pair.

On the upside, the price might face resistance near the $2.320 level. The first major resistance is near the $2.350 level. The next resistance is $2.40. A clear move above the $2.40 resistance might send the price toward the $2.420 resistance. Any more gains might send the price toward the $2.480 resistance or even $2.50 in the near term. The next major hurdle for the bulls might be $2.550.

Are Dips Supported?

If XRP fails to clear the $2.320 resistance zone, it could start another decline. Initial support on the downside is near the $2.2750 level. The next major support is near the $2.250 level and the 76.4% Fib retracement level of the upward move from the $2.2250 swing low to the $2.3294 high.

If there is a downside break and a close below the $2.250 level, the price might continue to decline toward the $2.220 support. The next major support sits near the $2.20 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 – $2.2750 and $2.250.

Major Resistance Levels – $2.320 and $2.350.