XRP price started a fresh increase above the $2.50 level. The price is gaining momentum and it could rise further above the $2,880 resistance.

• XRP price rose over 5% and rose above the $2,550 zone.
• The price is now above $2,550 and the 100-hour Simple Moving Average.
• A connecting bullish trend line is forming with support at $2.60 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could start a fresh increase if it stays above the $2.60 support.

XRP price turns green above $2.50

XRP price was able to start a fresh increase above the $2.42 and $2.45 resistance levels. The price rose by over 5%, outperforming both Bitcoin and Ethereum. There was a move above the $2.50 and $2.50 levels.

The bulls even pumped the price above the $2.75 resistance to initiate a further increase. It traded as high as $2.875 and is currently consolidating gains above the 23.6% Fib retracement level of the upside move from the swing low at $2.332 to the high at $2.875.

The price is now above $2,550 and the 100-hour Simple Moving Average. There is also a connecting bullish trend line forming with support at $2.60 on the hourly chart of the XRP/USD pair.

On the other side, the price might face resistance near the $2.8750 level. The first major resistance is near the $2.92 level. The next resistance is at $3.00. A clear move above the $3.00 resistance could propel the price towards the $3.120 resistance. Any further gains could push the price towards the resistance at $3,200 or even $3.25 in the near term. The next major hurdle for the bulls could be $3,320.

Downward correction?

If XRP fails to clear the $2.8750 resistance zone, a further decline could occur. The first support on the downside is near the $2,750 level. The next major support is near the $2,600 level and the trend line. It is close to the 50% Fib retracement level of the upward move from the swing low of $2.332 to the high of $2.875.

If there is a downside break and a close below the $2.60 level, the price could fall further towards the $2.550 support. The next major support is near the $2.50 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.

Key Support Levels – $2,750 and $2.60.

Major resistance levels – $2,875 and $3,000.