XRP price remained in a positive zone above the $2.40 zone. The price is consolidating and might aim for a fresh increase above the $2.60 level. XRP price started a downside correction from the $2.65 resistance zone. The price is now trading above $2.40 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support at $2.45 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair might start another increase if it clears the $2.550 resistance. XRP Price Holds Key Support XRP price started another increase above the $2.40 resistance zone like Bitcoin and Ethereum . There was a move above the $2.50 and $2.55 levels. However, the bears were active near $2.65. A high was formed at $2.64 and the price started a downside correction. There was a move below the $2.55 and $5.20 levels. The price dipped below the 23.6% Fib retracement level of the upward move from the $2.165 swing low to the $2.645 high. The price is now trading above $2.40 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2.45 on the hourly chart of the XRP/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $2.165 swing low to the $2.645 high. On the upside, the price might face resistance near the $2.50 level. The first major resistance is near the $2.550 level. The next resistance is at $2.650. A clear move above the $2.650 resistance might send the price toward the $2.750 resistance. Any more gains might send the price toward the $2.850 resistance or even $2.920 in the near term. The next major hurdle for the bulls might be $3.00. More Losses? If XRP fails to clear the $2.550 resistance zone, it could start another decline. Initial support on the downside is near the $2.450 level. The next major support is near the $2.40 level. If there is a downside break and a close below the $2.40 level, the price might continue to decline toward the $2.280 support. The next major support sits near the $2.150 zone. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $2.4000 and $2.3500. Major Resistance Levels – $2.5000 and $2.6500.
