XRP price started a fresh increase above the $2.20 resistance zone. The price is now consolidating and might aim for a move above $2.30 resistance.
XRP price is currently trading above $2.20 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance at $2.20 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair might start another decline if it fails to clear the $2.30 level.
XRP price remained stable above the $2.020 support and started a decent upward move, beating Bitcoin and Ethereum. There was a move above the $0.2120 and $0.220 levels. The bulls were able to clear the 50% Fib retracement level of the downward wave from the $2.3540 swing high to the $2.2081 low.
Additionally, there was a break above a key bearish trend line with resistance at $2.20 on the hourly chart of the XRP/USD pair. The price is now trading above $2.20 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.2850 level, which is close to the 76.4% Fib retracement level of the downward wave from the $2.3540 swing high to the $2.2081 low.
The first major resistance is near the $2.30 level, followed by the next resistance at $2.320. A clear move above the $2.320 resistance might send the price toward the $2.350 resistance. Further gains could push the price toward the $2.3650 resistance or even $2.3850 in the near term. The next major hurdle for the bulls could be $2.40.
If XRP fails to clear the $2.30 resistance zone, it could start another decline. Initial support on the downside is near the $2.220 level, with the next major support 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 $2.150 support, with the next major support sitting near the $2.120 zone.
Technical indicators show that the hourly MACD for XRP/USD is gaining pace in the bullish zone. The hourly RSI (Relative Strength Index) for XRP/USD is now above the 50 level. Major support levels are at $2.220 and $2.20, while major resistance levels are at $2.2850 and $2.30.
