XRP Price Aims for Another Bullish Wave — Momentum Strengthening

The XRP price began a decent increase above $2.420. Currently, the price is consolidating and might aim for another increase if it stays above the $2.350 level. Earlier, the price started a downside correction and tested the $2.320 zone. Now trading near $2.420, it aligns with the 100-hourly Simple Moving Average (SMA).

There is a bearish trend line forming with resistance at $2.430 on the hourly chart of the XRP/USD pair (data source: Kraken). If the pair manages to clear the $2.50 resistance, the price could potentially continue to climb further.

After a downside correction from the $2.580 zone, similar to Bitcoin and Ethereum, the XRP price dipped below the $2.550 and $2.50 levels, entering a consolidation phase. The correction went below the 50% Fibonacci retracement level of the upward move from the $2.240 swing low to the $2.580 high. However, bulls remained active above $2.320, and the price rebounded, rising above $2.40.

The first major resistance is near $2.450, above which the price could rise and test $2.50. A clear move above the $2.50 resistance might target the $2.580 level. Further gains could push the price toward $2.650 and eventually confront the $2.720 resistance.

In case the XRP price fails to clear the $2.450 resistance zone, it may start a fresh decline. Initial support on the downside lies near $2.3420, while the next major support is around the $2.320 level, aligned with the 76.4% Fibonacci retracement level of the previous upward move. A decisive break below $2.320 could lead the price to $2.250, and further losses might take it toward $2.20 or even $2.120.

• Hourly MACD: The MACD for XRP/USD is now gaining pace in the bullish zone.
• Hourly RSI: The RSI for XRP/USD is currently above the 50 level.
• Key Support Levels: $2.3420, $2.320.
• Key Resistance Levels: $2.450, $2.50.