XRP Price Trades Sideways — Bulls Preparing for Next Push?

XRP price started a fresh increase from the $2.150 zone. The price is consolidating gains and might aim for a move above the $2.220 zone.

• XRP price started a fresh increase above the $2.150 zone.
• The price is now trading above $2.150 and the 100-hourly Simple Moving Average.
• There is a bullish trend line forming with support at $2.1320 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move up if it closes above the $2.220 resistance zone.

XRP Price Eyes Upside Break

XRP price remained supported and started a fresh increase above the $2.050 zone, like Bitcoin and Ethereum . The price recovered above the $2.080 and $2.120 resistance levels.

The pair even cleared the $2.180 resistance and recently spiked above the $2.220 zone. A high was formed at $2.2294 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $1.910 swing low to the $2.2294 high.

The price is now trading above $2.180 and the 100-hourly Simple Moving Average. Besides, there is a bullish trend line forming with support at $2.1320 on the hourly chart of the XRP/USD pair.

On the upside, the price might face resistance near the $2.220 level. The first major resistance is near the $2.250 level. The next resistance is $2.320. A clear move above the $2.320 resistance might send the price toward the $2.40 resistance.

Any more gains might send the price toward the $2.480 resistance or even $2.50 in the near term. The next major hurdle for the bulls might be $2.550.

Downside Correction?

If XRP fails to clear the $2.220 resistance zone, it could start another decline. Initial support on the downside is near the $2.150 level. The next major support is near the $2.1320 level and the trend line.

If there is a downside break and a close below the $2.1320 level, the price might continue to decline toward the $2.050 support or the 50% Fib retracement level of the upward move from the $1.910 swing low to the $2.2294 high. The next major support sits near the $2.00 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 – $2.150 and $2.1320.

Major Resistance Levels – $2.220 and $2.250.