XRP Price Started a Consolidation Phase Above the $2.40 Zone

XRP price started a consolidation phase above the $2.40 zone. The price is now rising and might aim for an upside break above $2.50.

The article provides insights into XRP price movements and potential trends. As of the latest update, XRP price is demonstrating a slight decrease, currently trading at around $0.2440.

The cryptocurrency faced rejection in the vicinity of the $0.250 zone, leading to a downward movement. Nevertheless, it encountered support at the Fib level of 50% and the 100-Simple Moving Average over the hour.

The price is currently consolidating above the critical support zone of $0.2320. A deeper analysis of the XRP/USD technicals reveals the following:

The price remained supported above the $0.2320 level and started a fresh increase, following Bitcoin and Ethereum. There was a move above the $0.2350 and $0.2365 resistance levels. The price even surpassed the $0.240 resistance. There was a break above a key rising channel with resistance at $2.450 on the hourly chart of the XRP/USD pair. The bulls pushed the price toward the $0.250 level. A high was formed at $0.2479 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $2.3360 swing low to the $2.4796 high.

The price is now trading above $2.40 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.480 level. The first major resistance is near the $2.50 level. The next resistance is $2.550. A clear move above the $2.550 resistance might send the price toward the $2.650 resistance. Any more gains might send the price toward the $2.720 resistance or even $2.750 in the near term. The next major hurdle for the bulls might be $2.80.

If XRP fails to clear the $2.50 resistance zone, it could start another decline. Initial support on the downside is near the $2.450 level. The next major support is near the $2.40 level and the 50% Fib retracement level of the upward move from the $2.3360 swing low to the $2.4796 high.

If there is a downside break and a close below the $2.40 level, the price might continue to decline toward the $2.350 support. The next major support sits near the $2.3250 zone.

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.

Major Support Levels - $2.450 and $2.420.

Major Resistance Levels - $2.480 and $2.50.