XRP Price Stalls While Bitcoin and Ethereum Gain Momentum

XRP's price initially climbed steadily above $2.20, but is now consolidating its gains. The price may seek further increases if it can surpass the $2.280 mark.

Key Takeaways

XRP has initiated a significant rise above the $2.220 mark.
It is currently trading over $2.20 and the 100-hourly Simple Moving Average.
A bullish trend line is forming with support at $2.180 on the hourly XRP/USD chart (data from Kraken).
The price could continue to rise if it breaks through the $2.280 resistance level.

XRP Price Faces Pressure

XRP Price Consolidates Gains

XRP’s price has shown a solid upward trend above the $2.10 and $2.120 levels, outperforming Bitcoin and Ethereum. The price gained momentum, moving clearly past the $2.20 resistance.

The price even surged above $2.220, reaching a high of $2.286 before beginning a short-term correction. Despite this correction, both Ethereum and Bitcoin have shown strong rallies. XRP's price fell below the 23.6% Fibonacci retracement level of its ascent from the $1.817 low to the $2.286 high.

Currently, XRP is managing to stay above $2.20 and the 100-hour Simple Moving Average. In addition, a bullish trend line is forming on the hourly XRP/USD chart with a key support level at $2.180.

XRP Price
Source: XRPUSD on TradingView.com

If a new upward move occurs, the price may encounter resistance close to the $2.2650 level. The first significant resistance lies around $2.280, and if it clears this level, XRP could potentially rise to $2.350. A decisive move past the $2.350 resistance could propel the price toward the next resistance level at $2.450. Further advances might push XRP toward the $2.50 mark, with an ultimate challenge for bulls potentially near $2.550.

Is a Pullback on the Horizon?

Should XRP fail to break through the $2.280 resistance zone, it could initiate a new downward trend. Immediate support is identified around the $2.180 level, coinciding with the trend line. The next key support level is near $2.120.

If the price breaks down and closes below the $2.120 mark, it may continue to fall toward the $2.050 level, which aligns with the 50% Fibonacci retracement of the move from $1.817 to $2.286. The next significant support comes in near the $2.00 level, and any movement below this could push the price down toward $1.9250.

Technical Indicators

Hourly MACD: The MACD for XRP/USD appears to be losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is currently above the 50 level.
Major Support Levels: $2.180 and $2.050.
Major Resistance Levels: $2.280 and $2.350.