The XRP price has corrected some of its losses and climbed above the $2.25 zone. Currently, it is grappling with the challenge of clearing the $2.350 resistance zone.
XRP is making an effort to initiate a fresh increase above the $2.250 resistance. It is currently trading above $2.25 and the 100 – hourly Simple Moving Average. On the hourly XRP/USD chart (data from Kraken), a connecting bullish trend line is forming, with support at $2.285. If the pair manages to break through the $2.350 resistance, it could start a substantial increase.
Starting from a fresh increase above the $2.20 support, similar to Bitcoin and Ethereum, XRP rose above the $2.25 and $2.30 levels and even tested the $2.35 level before facing bearish pressure. After forming a high at $2.348, the price is now consolidating its gains. It experienced a minor decline below the 23.6% Fib retracement level of the upward move from the $2.130 swing low to the $2.348 high.
Looking ahead, on the upside, the price may encounter resistance near the $2.32 level. The first major resistance is at the $2.35 level, followed by $2.40. A decisive move above the $2.40 resistance could send the price towards the $2.50 resistance. Further gains could potentially push the price towards the $2.550 or even $2.650 resistance in the near term. The bulls’ next significant hurdle is likely to be $2.720.
If XRP fails to clear the $2.350 resistance zone, it may embark on another downward trend. The initial support on the downside is near the $2.28 level and the trend line. The next major support is around the $2.240 level, which is also the 50% Fib retracement level of the upward move from the $2.130 swing low to the $2.348 high.
In the event of a downside break and a close below the $2.240 level, the price could continue to decline towards the $2.20 support. The next major support lies near the $2.050 zone.
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