XRP Price Rips Higher by 15%, Shifting Short-Term Market Structure

XRP price started a strong increase above $2.20. The price is now consolidating gains and might aim for more gains above the $2.40 zone.

XRP price started a fresh increase above the $2.20 zone.
The price is now trading above $2.350 and the 100-hourly Simple Moving Average.
There is a bullish trend line forming with support at $2.1650 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could continue to move up if it settles above $2.40.

XRP Price Rallies Significantly

XRP price started a major upward move above $2.120 and $2.20, like Bitcoin and Ethereum. The price gained pace for a clear move above the $2.250 resistance.

The bulls even pumped the price above the $2.350 zone. A high was formed at $2.416 and the price started a consolidation phase above the 23.6% Fib retracement level of the upward move from the $2.11 swing low to the $2.416 high.

The price is now trading above $2.350 and the 100-hourly Simple Moving Average. Besides, there is a bullish trend line forming with support at $2.1650 on the hourly chart of the XRP/USD pair.

If there is a fresh upward move, the price might face resistance near the $2.40 level. The first major resistance is near the $2.420 level, above which the price could rise and test $2.450. A clear move above the $2.450 resistance might send the price toward the $2.50 resistance. Any more gains might send the price toward the $2.550 resistance. The next major hurdle for the bulls might be near $2.650.

Downside Correction?

If XRP fails to clear the $2.420 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.350 level. The next major support is near the $2.260 level or the 50% Fib retracement level of the upward move from the $2.11 swing low to the $2.416 high.

If there is a downside break and a close below the $2.260 level, the price might continue to decline toward $2.20. The next major support sits near the $2.1650 zone, below which the price could continue lower toward $2.020.

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.

Major Support Levels – $2.350 and $2.260.

Major Resistance Levels – $2.420 and $2.450.