XRP Price Could Regain Momentum—Is a Bullish Reversal in Sight?

XRP price started a fresh increase above the $2.120 resistance. The price is now consolidating and must settle above $2.1680 for more gains.

• XRP price started a fresh increase above the $2.00 and $2.10 levels.
• The price is now trading above $2.10 and the 100-hourly Simple Moving Average.
• There is a connecting bullish trend line forming with support at $2.120 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair might extend gains if there is a close above the $2.1680 resistance zone.

XRP Price Eyes Fresh Gains

XRP price managed to stay above the $1.920 support zone and started a fresh increase, like Bitcoin and Ethereum. The price climbed above the $2.00 and $2.020 resistance levels.

A high was formed at $2.244 and the price recently started a downside correction. There was a move below the $2.10 support zone. The price dipped below $2.020 and tested the 50% Fib retracement level of the upward move from the $1.920 swing low to the $2.244 high.

It seems like the price remained well-bid near the $2.080 support. The price is now trading above $2.100 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2.120 on the hourly chart of the XRP/USD pair.

On the upside, the price might face resistance near the $2.1680 level. The first major resistance is near the $2.20 level. The next resistance is $2.240.

A clear move above the $2.240 resistance might send the price toward the $2.320 resistance. Any more gains might send the price toward the $2.450 resistance or even $2.50 in the near term. The next major hurdle for the bulls might be $2.550.

Another Decline?

If XRP fails to clear the $2.1680 resistance zone, it could start another decline. Initial support on the downside is near the $2.120 level and the trend line. 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 the $2.050 support and the 61.8% Fib retracement level of the upward move from the $1.920 swing low to the $2.244 high. The next major support sits near the $1.920 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $2.1200 and $2.080.

Major Resistance Levels – $2.1680 and $2.200.