XRP price has remained in a positive zone above $2.40 and is currently consolidating, with the potential for a fresh increase above $2.60. The price recently experienced a downside correction from the $2.65 resistance level but 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 from Kraken. If the pair manages to clear the $2.550 resistance, it could initiate another increase. XRP price recently saw an uptrend above the $2.40 and $2.55 levels before encountering resistance near $2.65. The price dipped below certain Fib retracement levels but is now trading above key support levels.
On the upside, XRP price may face resistance near $2.50, with major resistance levels at $2.550 and $2.650. Further gains could push the price towards $2.750 and potentially even $2.850 or $2.920 in the near term. A break above these levels could pave the way for a push towards $3.00, though if the $2.550 resistance is not cleared, the price could see another decline.
In the event of a downside break, initial support levels for XRP price are around $2.450 and $2.40, with further support at $2.280 and $2.150. Technical indicators such as the MACD and RSI are currently in the bearish zone, indicating potential downside momentum. Major support levels are at $2.4000 and $2.3500, while resistance levels are at $2.5000 and $2.6500.
Overall, XRP price is showing signs of consolidation and potential for a bullish trend if it breaks above key resistance levels. However, if the resistance is not cleared, the price could see further downside towards key support levels. Traders should monitor technical indicators and key levels to assess potential price movements in the near term.
