XRP Price Analysis

XRP price started a fresh increase above the $2.50 resistance. The price is up over 30% and is now approaching 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.
• A connecting bullish trend line is 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 had initially dropped toward $2.00 before recovering, similar to trends seen in Bitcoin and Ethereum. It formed a base and increased above the $2.20 level.

The price surged past $2.50 and $2.65, testing $3.00. A high was set at $3.00, and the price is now consolidating. It tested the 23.6% Fib retracement level of the rise from $1.95 to $3.00.

Currently, the price is above $2.75 and the 100-hourly Simple Moving Average. A bullish trend line is forming with support at $2.40. There may be resistance near $2.90, with the first major resistance at $3.00.

A breakout above the $3.20 resistance could push the price to $3.350. Further increases might drive it toward $3.420 or even $3.450 in the near term, with $3.50 as the next major hurdle for bulls.

Are Dips Limited?

If XRP fails to surpass the $3.00 resistance zone, it could decline again. Initial downside support is near $2.750, followed by significant support at $2.620.

A break below $2.62 could lead to prices dropping towards the $2.50 support, with further support around $2.40 and the trend line.

Technical Indicators

• Hourly MACD: The MACD for XRP/USD is losing momentum in the bullish zone.
• Hourly RSI (Relative Strength Index): The RSI for XRP/USD is above the 50 level.

Major Support Levels

• $2.750 and $2.620.

Major Resistance Levels

• $2.950 and $3.00.