XRP price is consolidating above the $2.350 support area. The price shows positive signs and may break through $2.4650 for a new rally.
XRP price is struggling to break through the $2.50 area.
The current price is below $2,435 and the 100-hour simple moving average.
A short-term rising channel has formed on the hourly chart of XRP/USD, with support at $2.385 (data source: Kraken).
If the currency pair maintains above the support level of $2,320, a new rally may begin.
XRP price is finding support.
XRP price remains above $2.320 but has not initiated a new upward trend like Bitcoin and Ethereum. The price struggles to break through the resistance level of $2.50, remaining below $2.45.
The last swing low was formed at $2.32, and the current price is consolidating. The price broke through the $2.40 level. The price has surpassed the 50% Fibonacci retracement level from the recent swing high of $2.507 to the swing low of $2.32.
The current price is below $2.435 and the 100-hour simple moving average. A short-term rising channel has also formed on the hourly chart of XRP/USD, with support at $2.385.
On the upside, the price may face resistance around $2.465, or near the 76.4% short-term rising channel support of XRP/USD at $2.385 on the hourly chart. The first major resistance level is around $2.50. The next resistance level is $2.55.
A clear breakout above the resistance level of $2.55 could drive the price down towards the resistance level of $2.650. If the price rises further, it may drop towards the resistance level of $2.720 in the short term, or even $2.750. The next major hurdle for the bulls could be $2.880.
Another retreat?
If XRP fails to break through the resistance area of $2.435, it may decline again. Initial support on the downside is around $2.380. The next major support level is around $2.320.
If there is a downward breakout and closes below $2.320, the price may continue to fall to the support level of $2.20. The next major support level is around $2.120.
Technical indicators.
Hourly MACD – The MACD for XRP/USD is currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Key support levels - $2.380 and $2.320.
Key resistance levels - $2.4650 and $2.500.
