XRP's price has initiated a notable increase, surpassing the $2.265 mark. Currently, it is consolidating and may aim for a further upward movement beyond the $2.30 resistance level. The cryptocurrency has shown a solid upward trajectory, trading above $2.250 and the 100-hour Simple Moving Average.
A bullish trend line is developing, providing support at $2.2750 on the hourly chart for the XRP/USD pair, as sourced from Kraken. If the price can breach the $2.30 resistance zone, it may trigger another upward surge.
Following a solid foundation formed above the $2.10 level, XRP has experienced a fresh increase akin to movements seen in Bitcoin and Ethereum. The price has moved past the $2.150 and $2.20 resistance thresholds, with bullish momentum pushing it above $2.25. It has recently tested the $2.320 resistance, reaching a high of $2.3294 before correcting some of its gains.
Currently, the price is trading above $2.250 and the 100-hour Simple Moving Average. A bullish trend line is also evident on the hourly chart, with support at $2.2750. However, the price may encounter resistance around the $2.30 level, with the first significant resistance at $2.320, followed by $2.350. A decisive move above $2.350 could propel the price towards the $2.40 mark, with potential further gains aiming for $2.420 or even $2.450 in the short term. The next significant challenge for bullish traders may be $2.50.
Conversely, if XRP fails to overcome the $2.30 resistance zone, it may face a decline. Initial downside support is located near the $2.2750 level and the trend line, while the next significant support lies around $2.250, coinciding with the 76.4% Fibonacci retracement level of the recent upward movement from $2.2250 to $2.3294. A downward breach and close below $2.250 could lead the price to continue declining towards the $2.220 support, with the next major support level near $2.20.
In terms of technical indicators, the hourly MACD for XRP/USD is showing a slowing momentum within the bullish zone, while the hourly Relative Strength Index (RSI) has dipped below the 50 mark, indicating potential bearish pressure. Major support levels are identified at $2.2750 and $2.250, with resistance levels at $2.30 and $2.320.
