XRP Price Moves Up — Hurdles Ahead Could Limit Gains

XRP price started a decent upward move from the $2.150 zone. The price is now consolidating gains and might face hurdles near the $2.285 zone. XRP price started a fresh increase above the $2.220 zone. The price is now trading above $2.220 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support at $2.20 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start another decline if it fails to clear the $2.2850 resistance zone. XRP Price Restarts Increase XRP price found support near the $2.150 level and started a fresh increase, like Bitcoin and Ethereum . The price was able to recover losses and climbed above the $2.220 resistance level. The bulls were able to push the price above the $2.250 level. There was a spike above the 61.8% Fib retracement level of the downward move from the $2.327 swing high to the $2.148 low. However, the bears were active near the $2.2850 level. The price failed to surpass the 76.4% Fib retracement level of the downward move from the $2.327 swing high to the $2.148 low. The price is now trading above $2.220 and the 100-hourly Simple Moving Average. Besides, there is a key bullish trend line forming with support at $2.20 on the hourly chart of the XRP/USD pair. On the upside, the price might face resistance near the $2.2580 level. The first major resistance is near the $2.2850 level. The next resistance is $2.320. A clear move above the $2.320 resistance might send the price toward the $2.350 resistance. Any more gains might send the price toward the $2.40 resistance or even $2.420 in the near term. The next major hurdle for the bulls might be $2.50. Fresh Decline? If XRP fails to clear the $2.2850 resistance zone, it could start another decline. Initial support on the downside is near the $2.220 level. The next major support is near the $2.20 level and the trend line. 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. The next major support sits near the $2.120 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 above the 50 level. Major Support Levels – $2.220 and $2.20. Major Resistance Levels – $2.2850 and $2.320.

Source: NewsBTC