XRP Price Pulls Back but Holds Support — Bulls Still in the Game

XRP price extended gains above the $2.60 zone. The price is now correcting gains from $2.65 and might find bids near the $2.480 zone. XRP price started a fresh increase above the $2.550 zone. The price is now trading above $2.50 and the 100-hourly Simple Moving Average. There was a break below a key bullish trend line with support at $2.550 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair might start another increase if it stays above the $2.480 support. XRP Price Corrects Some Gains XRP price remained supported above the $2.420 level and started a fresh upward wave, like Bitcoin and Ethereum . The price was able to surpass the $2.50 and $2.550 levels. The bulls pushed the price above the $2.60 resistance zone. Finally, it tested the $2.650 zone. A high was formed at $2.650 before there was a pullback. The price dipped below $2.550 and the 50% Fib retracement level of the upward move from the $2.4220 swing low to the $2.650 high. Besides, there was a break below a key bullish trend line with support at $2.550 on the hourly chart of the XRP/USD pair. The price is now trading above $2.50 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.550 level. The first major resistance is near the $2.580 level. The next resistance is $2.60. A clear move above the $2.60 resistance might send the price toward the $2.650 resistance. Any more gains might send the price toward the $2.720 resistance or even $2.750 in the near term. The next major hurdle for the bulls might be $2.880. More Losses? If XRP fails to clear the $2.580 resistance zone, it could start another decline. Initial support on the downside is near the $2.510 level and the 61.8% Fib retracement level of the upward move from the $2.4220 swing low to the $2.650 high. The next major support is near the $2.480 level. If there is a downside break and a close below the $2.480 level, the price might continue to decline toward the $2.450 support. The next major support sits near the $2.420 zone. 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 below the 50 level. Major Support Levels – $2.510 and $2.480. Major Resistance Levels – $2.60 and $2.650.

Source: NewsBTC