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XRP price is up over 50% and trading well above $2.50. The price is consolidating near $2.70 and might aim for more gains above the $2.80 level.
- XRP price is eyeing a fresh increase above the $2.80 resistance zone.
- The price is now trading above $2.50 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $2.72 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might continue to accelerate if it clears the $2.75 resistance.
XRP Price Extends Surge Above $2.50
XRP price accelerated higher after it settled above the $2.00 level. It cleared many hurdles near $2.25, beating Bitcoin and like Ethereum. There was a move above the $2.50 and $2.65 resistance levels.
It is up over 50% and there was a move above the $2.80 level. A high was formed at $2.869 and the price is now consolidating gains. It dipped some points and tested the $2.70 level. There was a move below the 2.36% Fib retracement level of the upward move from the $2.190 swing low to the $2.869 high.
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 $2.720 level. There is also a short-term contracting triangle forming with resistance at $2.72 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $2.750 level. The next key resistance could be $2.850. A clear move above the $2.850 resistance might send the price toward the $2.960 resistance. Any more gains might send the price toward the $3.00 resistance or even $3.120 in the near term. The next major hurdle for the bulls might be $3.20.
Are Dips Supported?
If XRP fails to clear the $2.720 resistance zone, it could start a downside correction. Initial support on the downside is near the $2.650 level. The next major support is near the $2.520 level or the 50% Fib retracement level of the upward move from the $2.190 swing low to the $2.869 high.
If there is a downside break and a close below the $2.520 level, the price might continue to decline toward the $2.450 support. The next major support sits near the $2.30 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $2.5200 and $2.4500.
Major Resistance Levels – $2.7200 and $2.8500.
