XRP price is currently consolidating its recent gains above the support level of $2.350, showing signs of positivity and potentially gearing up for a new uptrend above $2.4650.
- XRP price is encountering challenges in surpassing the $2.50 threshold.
- Currently, the price is trading below $2.435 and the 100-hourly Simple Moving Average.
- According to the hourly chart of the XRP/USD pair from Kraken, there is a short-term rising channel forming with support at $2.385.
- If the pair manages to maintain above the $2.320 support, a new uptrend could commence.
XRP Price Stays Above Support
While XRP price has stayed above the $2.320 level, it has faced challenges in initiating a new uptrend similar to Bitcoin and Ethereum. The resistance level at $2.50 has proven difficult to breach, keeping the price below $2.45.
Although the recent low was set at $2.32, the price is currently consolidating and made a move above $2.40. It successfully surpassed the 50% Fib retracement level from the previous decline.
Despite trading below $2.435 and the 100-hourly Simple Moving Average, a short-term rising channel with support at $2.385 is visible on the hourly chart of the XRP/USD pair.
On the upside, resistance levels near $2.465 and a potential 76.4% short-term rising channel support at $2.385 could impede further gains. The next significant resistance levels are at $2.50 and $2.55.
A decisive break above $2.55 could propel the price towards $2.650, $2.720, and possibly $2.750 in the short term, with $2.880 as a major resistance level.
Potential Decline Ahead?
If XRP fails to breach the $2.435 resistance zone, it may experience another decline. Initial support is present near $2.380, followed by a significant support level at $2.320.
A downward breakout and close below $2.320 could lead to a further decline towards $2.20, with a major support zone near $2.120.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is indicating a slowdown in the bullish momentum.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level.
Major Support Levels – $2.380 and $2.320.
Major Resistance Levels – $2.4650 and $2.500.
