XRP Price Explodes 30%—Can The Momentum Continue?

Share This Post

XRP price started a fresh increase above the $2.50 resistance. The price is up over 30% and now faces resistance near the $3.00 barrier.

  • XRP price started a fresh increase above the $2.50 level.
  • The price is now trading above $2.750 and the 100-hourly Simple Moving Average.
  • There is a connecting bullish trend line forming with support at $2.40 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might continue to move up if there is a clear move above the $3.00 resistance zone.

XRP Price Rises Steadily

XRP price extended losses toward the $2.00 level before the bulls appeared, like Bitcoin and Ethereum. The price formed a base and started a fresh increase above the $2.20 level.

The price surged above the $2.50 and $2.65 levels. It even surged above $2.80 and tested $3.00. A high was formed at $3.00 and the price is now consolidating gains. It traded toward the 23.6% Fib retracement level of the upward move from the $1.95 swing low to the $3.00 high.

The price is now trading above $2.75 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2.40 on the hourly chart of the XRP/USD pair. On the upside, the price might face resistance near the $2.90 level. The first major resistance is near the $3.00 level.

XRP Price

The next resistance is $3.20. A clear move above the $3.20 resistance might send the price toward the $3.350 resistance. Any more gains might send the price toward the $3.420 resistance or even $3.450 in the near term. The next major hurdle for the bulls might be $3.50.

Are Dips Limited?

If XRP fails to clear the $3.00 resistance zone, it could start another decline. Initial support on the downside is near the $2.750 level. The next major support is near the $2.620 level.

If there is a downside break and a close below the $2.62 level, the price might continue to decline toward the $2.50 support. The next major support sits near the $2.40 zone and the trend line.

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 above the 50 level.

Major Support Levels – $2.750 and $2.620.

Major Resistance Levels – $2.950 and $3.00.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Why Is The Crypto Market Down Today?

In a swift and dramatic reversal, crypto markets have shed hundreds of billions of dollars in the space of just one day, raising questions about the sustainability of recent gains spurred by the

Best Crypto Presales— Why AurealOne is a Top Investment Opportunity Right Now

The post Best Crypto Presales— Why AurealOne is a Top Investment Opportunity Right Now appeared first on Coinpedia Fintech News In the rapidly evolving world of cryptocurrency, presales have

Economist Torches UK’s Digital Pound: ‘Ill-Fated Venture’ Doomed to Fail

Economist Neil Record has criticized the UK’s digital pound initiative, calling it an “ill-fated venture” due to a lack of customer demand Cash Use Decline British businessman and

The Future of Digital Companionship: Where AI Meets Emotional Intelligence

The post The Future of Digital Companionship: Where AI Meets Emotional Intelligence appeared first on Coinpedia Fintech News As artificial intelligence continues to evolve, digital companionship is

Trump’s Crypto Reserve Sparks Debate: Should It Be Bitcoin-Only?

The post Trump’s Crypto Reserve Sparks Debate: Should It Be Bitcoin-Only appeared first on Coinpedia Fintech News Since the day when US President confirmed the plan to establish a cryptocurrency

Best Crypto to Buy Now as the European Stocks Outperform S&P 500

Europe is the place to be – not because of picturesque Amalfi coast or the Alps but because European stocks outperform their US counterparts STOXX Europe 600, an index measuring the performance of