XRP Price Steals the Spotlight: Dips Look Increasingly Attractive

XRP price started a fresh increase above the $2.50 zone. The price is now consolidating gains and might soon aim for a move above the $2.62 resistance.

• XRP price started a fresh increase above the $2.50 zone.
• The price is now trading above $2.50 and the 100-hourly Simple Moving Average.
• There is a connecting bullish trend line forming with support at $2.53 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair might start another increase if it clears the $2.62 resistance.

XRP Price Pops Above $2.50

XRP price started a decent upward move above the $2.50 level, beating Bitcoin and Ethereum . There was a move above the $2.55 and $2.62 resistance levels.

The price even spiked above $2.70 before the bears appeared. A high was formed at $2.7267 and the price is now consolidating gains. There was a minor decline below $2.620. The price dipped below the 23.6% Fib retracement level of the upward move from the $2.3272 swing low to the $2.7267 high.

The price is now trading above $2.50 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2.53 on the hourly chart of the XRP/USD pair. The trend line is near the 50% Fib retracement level of the upward move from the $2.3272 swing low to the $2.7267 high.

On the upside, the price might face resistance near the $2.58 level. The first major resistance is near the $2.620 level. The next resistance is $2.720. A clear move above the $2.720 resistance might send the price toward the $2.80 resistance.

Any more gains might send the price toward the $2.920 resistance or even $3.00 in the near term. The next major hurdle for the bulls might be $3.20.

Are Dips Supported?

If XRP fails to clear the $2.620 resistance zone, it could start another decline. Initial support on the downside is near the $2.520 level and the trend line. The next major support is near the $2.440 level.

If there is a downside break and a close below the $2.440 level, the price might continue to decline toward the $2.350 support. The next major support sits near the $2.250 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 – $2.520 and $2.440.

Major Resistance Levels – $2.620 and $2.720.