XRP Price Spikes Over 10% With Traders Rushing Back Into the Rally

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XRP price started a steady increase above $2.20. The price is now consolidating gains and might aim for another increase if it stays above the $2.180 level.

• XRP price started a fresh increase above the $2.120 zone.
• The price is now trading above $2.20 and the 100-hourly Simple Moving Average.
• There was a break above a key bearish trend line with resistance at $2.00 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move up if it clears $2.280.

XRP Price Gains Momentum

XRP price started a decent upward move above $2.020 and $2.050, beating Bitcoin and Ethereum. The price gained pace for a clear move above the $2.120 resistance.

Besides, there was a break above a key bearish trend line with resistance at $2.00 on the hourly chart of the XRP/USD pair. The pair even surpassed the $2.20 barrier. A high was formed at $2.286 and the price started a consolidation phase above the 23.6% Fib retracement level of the upward move from the $1.817 swing low to the $2.286 high.

The price is now trading above $2.20 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.280 level. The first major resistance is near the $2.320 level, above which the price could rise and test $2.350.

A clear move above the $2.350 resistance might send the price toward the $2.4620 resistance. Any more gains might send the price toward the $2.50 resistance. The next major hurdle for the bulls might be near $2.550.

Another Decline?

If XRP fails to clear the $2.280 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.180 level. The next major support is near the $2.080 level.

If there is a downside break and a close below the $2.080 level, the price might continue to decline toward $2.050 and the 50% Fib retracement level of the upward move from the $1.817 swing low to the $2.286 high. The next major support sits near the $2.020 zone, below which the price could continue lower toward $1.9250.

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 – $2.180 and $2.080.

Major Resistance Levels – $2.280 and $2.320.